United States Official Statement on Closure of Silicon Valley Bank & Signature Bank: Depositors Will Have Access to Money, Shareholders & Unsecured Debts Not Protected & No Losses to be Borne by Taxpayers

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United States Official Statement on Closure of Silicon Valley Bank & Signature Bank: Depositors Will Have Access to Money, Shareholders & Unsecured Debts Not Protected & No Losses to be Borne by Taxpayers

16th March 2023 | Singapore

The United States Department of the Treasury, Board of Governors of the Federal Reserve System (Fed) & Federal Deposit Insurance Corporation (FDIC) has issued an official joint statement on the closure of Silicon Valley Bank & Signature Bank, with all depositors will have access to money (Monday 13/3/23), shareholders & unsecured debts are not protected, and no losses to be borne by taxpayers.   United States Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: “ 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 … … Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed.  Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.”  See full statement below. 

“ United States Official Statement on Closure of Silicon Valley Bank & Signature Bank: Depositors Will Have Access to Money, Shareholders & Unsecured Debts Not Protected & No Losses to be Borne by Taxpayers “

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United States Official Statement on Closure of Silicon Valley Bank & Signature Bank

12th March 2023 – Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: 

“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will 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.

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.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.”

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