The U.S. government said on Sunday that all clients from Silicon Valley Bank will be protected and will have access to their money, The Associated Press reported. Breaking News: Federal officials closed a second bank and said it would bail out all depositors in the wake of Silicon Valley Bank’s collapse. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” the joint statement added. The FDIC created a new bank, the National Bank of Santa Clara, to hold the deposits and other assets of Silicon Valley Bank, according to the newspaper. The FDIC has said that it will make 100% of protected deposits available on Monday, when branches reopen, Bloomberg reported.

Source: New York Times March 12, 2023 23:04 UTC