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Jan Wildeboer 😷:krulorange:

Seems they couldn’t find a buyer, so they use the exception to make all depositors whole. Silicon Valley Bank

„Depositors will have access to all of their money starting Monday, March 13.“

„Shareholders and certain unsecured debtholders will not be protected.“

And the same approach for Signature Bank, New York.

That’s quite drastic, IMHO. Two rather small banks getting „promoted” to systemic risk.

home.treasury.gov/news/press-r

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer. We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. 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.
Mar 12, 2023, 11:07 PM·Public
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