On Sunday (12), American authorities unveiled radical measures to rescue customers' money from the bankrupt SVB and promeThey will have other institutions to help meet customer needs. At the same time, regulators closed a second bank in the technology sector.
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In a joint statement, the financial agencies and the US Treasury Department said that the bank's account holders will have access to “all your money” from this Monday (13) March and that will not pay for the collapse from the bank.
Federal Reserve (Fed, the American Central Bank), set a precedent and announced that it will make additional funds available to help banks respond to the needs of their depositors, including withdrawals.
“The American banking system continues to be resilient and has a solid foundation,” due in large part to reforms made after the 2008 financial crisis, which introduced new safeguards for the banking sector, regulators said.
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The British government announced that the branch of SVB in the country was sold to HSBC, who claimed to have purchased it for the symbolic value of one pound.
“SVB UK customers will be able to access their deposits and banking services as normal from today,” the Treasury said in a statement.
Avoid “contagion”
In a statement released on Sunday night (12), American President Joe Biden promeyou hold the bank failure agents responsible.
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US federal banking law allows the Federal Deposit Insurance Corporation (FDIC) to protect uninsured deposits if not doing so would put the system at risk, The Washington Post reported.
Other countries act to avoid collapse
In Germany, the financial regulator said the “crisis situation” of the SVB branch in the country “does not pose a threat to financial stability”.
In France, Economy Minister Bruno Le Maire assured that a “special warning” is not necessary. Despite this, European stock exchanges fell this Monday, and most Asian indices ended the session lower, with bank shares being the main ones affected.
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(With AFP)
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