Silicon Valley Bank’s depositors will be fully protected, according to the Federal Reserve
The Federal Reserve issued a joint pair of statements on Sunday with one clear message: Silicon Valley Bank’s depositors, both insured and uninsured, will receive help in a manner that will “fully protect” all. Depositors, the statement reads, “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.”
After consulting with the boards of the Federal Reserve and the Federal Deposit Insurance, as well as a consultation with President Biden, Treasury Secretary Janet Yellen “approved actions to enable the FDIC to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors, both insured and uninsured.”
