US Treasury Secretary Janet Yellen says authorities working through the weekend to resolve the collapse
Earlier, US treasury secretary Janet Yellen said regulators are working through the weekend to resolve the collapse of Silicon Valley Bank with a particular focus on depositors, rather than bailing out investors, though she declined to provide details of possible solutions.
“During the financial crisis there were investors and owners of systemic large banks that were bailed out,” she said. “And we’re certainly not looking — and the reforms that have been put in place means that we’re not going to do that again. But we are concerned about depositors and we’re focused on trying to meet their needs.”The Federal Deposit Insurance Corp.
US regulators overseeing the breakup of the bank’s parent, SVB Financial Group, are under pressure to sell assets, prompting offers by some investment firms to provide financing to companies with cash trapped at Silicon Valley Bank. While the FDIC insures deposits of up to $250,000 , the vast majority of funds held in at SVB far exceeded that. The agency has said it will make 100 per cent of protected deposits available on Monday.Republican presidential candidate Nikki Haley said Saturday that US taxpayers shouldn’t bail out Silicon Valley Bank. “Private investors can purchase the bank and its assets,” Haley, a former South Carolina governor and US ambassador to the United Nations, said in a statement.
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