Shareholders and certain unsecured debtholders will not be protected. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. All depositors of this institution will be made whole. 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. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer. Depositors will have access to all of their money starting Monday, March 13.
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.Īfter 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. economy by strengthening public confidence in our banking system. Today we are taking decisive actions to protect the U.S.
Yellen, Federal Reserve Board Chair Jerome H. WASHINGTON, DC - The following statement was released by Secretary of the Treasury Janet L.
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