The FDIC estimates the cost to the Deposit Insurance Fund to cover the collapse of Silicon Valley Bank is $20 billion — including $18 billion to cover uninsured deposits, according to the chairman of the FDIC, Martin Gruenberg.
is likely to require about $2.5 billion, including $1.6 billion to cover its uninsured deposits.
Gruenberg and top officials from the Federal Reserve and Treasury Department are set to testify before the committee about the failures of the two banks and will attempt to reassure lawmakers that the banking system remains sound, and mismanagement is to blame for the"SVB failed because the bank's management did not effectively manage its interest rate and liquidity risk, and the bank then suffered a devastating and unexpected run by its uninsured depositors in a period of less than 24...
"SVB's failure demands a thorough review of what happened, including the Federal Reserve's oversight of the bank," Barr will say."I am committed to ensuring that the Federal Reserve fully accounts for any supervisory or regulatory failings, and that we fully address what went wrong."
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