U.S. financial regulators on Sunday said Silicon Valley Bank customers would have access to all their money on Monday, days after the bank failed.
Announcing new steps, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation said it would “ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”
The FDIC will be able to complete its resolution of Silicon Valley Bank SIVB, -60.41% “in a manner that fully protects all depositors,” a joint statement said.No losses will be borne by U.S. taxpayers, the statement said. Separately, the Fed said it would make additional funding available to banks to ensure they meet depositors’ needs through a new “Bank Term Funding Program.”
See: Fed announces new emergency loan program for banks to ease contagion risk from Silicon Valley Bank Signature Bank in New York was closed Sunday by its state regulator, the announcement said. “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” said the joint statement.
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