SANTA CLARA: United States regulators pulled the plug on Silicon Valley Bank (SVB) on Friday (Mar 10) in a spectacular move that sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since the 2008 financial crisis. US authorit
SANTA CLARA: United States regulators pulled the plug on Silicon Valley Bank on Friday in a spectacular move that sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since the 2008 financial crisis.
In response to the sudden collapse, Treasury Secretary Janet Yellen convened an emergency meeting of top US banking regulators. "It's not a good situation. A lot of really top tier have very high amounts of exposure here," he said, adding that he was worried for his employees. The main office and all branches of Silicon Valley Bank will reopen on Mar 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, the Federal Deposit Insurance Corporation said.
The FDIC said it would seek to sell SVB's assets and that future dividend payments may be made to uninsured depositors. The crisis measure protects customers with up to US$250,000 in deposits and crucially buys time to find a potential buyer of whatever remains of the embattled Silicon Valley lender.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US closes Silicon Valley Bank in biggest collapse since 2008SANTA CLARA: United States regulators pulled the plug on Silicon Valley Bank (SVB) on Friday (Mar 10) in a spectacular move that sent global banking shares sputtering, as markets fretted over possible contagion from America's biggest banking failure since the 2008 financial crisis. US authorit
Read more »
US bank jitters spook Asia stocks; yen slides after BOJSINGAPORE : Falling bank stocks drove Asian markets lower on Friday, while bonds rallied and expectations for U.S. interest rate rises were reduced after a surprise capital raising at a Silicon Valley startup lender unleashed fears of broader banking-system stress. The yen weakened after the Bank of Japan
Read more »
Analysis:Californian tech bank sows global fear about rising cost of moneyLONDON : For months, investors had shrugged off the threat of rising interest rates. That changed this week.U.S. tech specialists Silicon Valley Bank's failed scramble for fresh capital, after losing $1.8 billion selling a package of bonds to meet depositor demands for cash, sparked a global rout in bank
Read more »
Analysis:Californian tech bank SVB sows global fear about rising cost of moneyLONDON : For months, investors had shrugged off the threat of rising interest rates. That changed this week.U.S. tech specialists Silicon Valley Bank's failed scramble for fresh capital, after losing $1.8 billion selling a package of bonds to meet depositor demands for cash, sparked a global rout in bank
Read more »
Troubled US startup-lender spooks share markets, bonds rallySINGAPORE : Falling bank stocks drove Asian markets lower on Friday, while bonds rallied and expectations for U.S. interest rate rises were reduced after a surprise capital raising at a Silicon Valley startup lender unleashed fears of broader banking-system stress. MSCI's broadest index of Asia-Pacific
Read more »
US bank jitters hit Asia stocks; yen drops with JGB yields after BOJSINGAPORE : Falling bank stocks drove Asian markets lower on Friday, while bonds rallied and expectations for U.S. interest rate rises were reduced after a surprise capital raising at a Silicon Valley startup lender unleashed fears of broader banking-system stress. The yen weakened and Japanese government
Read more »