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U.S. bails out Silicon Valley and Signature Bank and their uninsured depositors
Who was worried about bail-ins?
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SVB, Signature Bank Depositors to Get All Their Money as Fed Moves to Stem Crisis
By Nick Timiraos
The Wall Street Journal
Sunday, March 11, 2023
U.S. regulators took control of a second bank on Sunday and raced to roll out emergency measures to stem potential spillovers from Friday's swift collapse of Silicon Valley Bank, backstopping uninsured depositors and making more funding available to the banking system.
Regulators announced that Signature Bank, one of the main banks for cryptocurrency companies, was closed Sunday. The New York bank's depositors will be made whole, officials said.
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Officials took the extraordinary step of designating SVB and Signature Bank as a systemic risk to the financial system, which gives regulators flexibility to backstop uninsured deposits.
The Federal Reserve and the Treasury Department also used emergency lending authorities to establish a new facility to backstop bank deposits.
Regulators announced the moves in a joint statement from Treasury Secretary Janet Yellen, Fed Chair Jerome Powell, and Federal Deposit Insurance Corp. Chair Martin Gruenberg. The group said that depositors at SVB and Signature would have access to all of their money on Monday. ...
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