A sign for Silicon Valley Bank is seen in Menlo Park, California, U.S., March 10, 2023. REUTERS/Michaela Vatcheva NO RESALE. NO ARCHIVES

“Today, we are taking decisive action to protect the US economy by strengthening public confidence in our banking system. This action will ensure that the U.S. banking system continues to perform its vital functions of protecting deposits and facilitating access to credit for households and businesses in a way that promotes strong and sustainable economic growth,” he said. he said in a US Treasury statement. ., the Federal Deposit Insurance Corporation and the US Federal Reserve. “Depositors will have access to all their money from Monday, March 13”, is indicated in the text.

The statement assures that any loss 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 charter authority. All depositors of this entity will be compensated. As with the Silicon Valley Bank resolution, the taxpayer will suffer no loss,” the statement added.

“The U.S. banking system remains resilient and on solid foundations, thanks in large part to post-financial crisis reforms that have provided better safeguards for the banking sector. These reforms, combined with the measures adopted today, demonstrate our commitment to taking the necessary measures to ensure the security of depositors’ savings.

US authorities have also announced the closure of another entity, Signature Bank, from New York. “All depositors of this entity will be compensated. As with the Silicon Valley Bank resolution, the taxpayer will suffer no loss.”

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