'All depositors of this institution will be made whole ... no losses will be borne by the taxpayer': Read Sunday's full statement from the Treasury, Federal Reserve and Federal Deposit Insurance Corp.
U.S. financial regulators on Sunday said Silicon Valley Bank SIVB, -60.41% depositors would have access to “all their money” starting Monday and that no losses associated with the bank’s resolution would be borne by U.S. taxpayers.
Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors 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.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
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