The U.S. Federal Reserve's Office of Inspector General (OIG) has launched an independent review of the failure of Silicon Valley Bank (SVB), an OIG spokesperson said on Tuesday.
The review, which was launched on March 14, will assess the board's and the Federal Reserve Bank of San Francisco's supervision of the failed lender, the spokesperson told Reuters in a statement.
The independent oversight authority plans to complete its investigation within six months, the spokesperson added.SVB, whose collapse triggered a crisis of confidence in the banking sector, was by First Citizens BancShares Inc on Monday, after the latter bought all of SVB's loans and deposits from the Federal Deposit Insurance Corp .Our Standards:
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First Citizens Bank to buy SVB's deposits, loans from FDICFirst Citizens Bank & Trust Co will buy all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation (FDIC), the regulator said in a statement.
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A suitor for SVB soothes broader markets, but default stress stalks banksA potential buyer for Silicon Valley Bank helped cast an uneasy calm over fragile markets on Monday, which have been roiled by worries of a credit crunch and wider systemic banking stress.
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Indian shares open higher as SVB acquisition hopes aid sentimentIndian shares opened higher on Monday after reports of advanced talks for the acquisition of collapsed Silicon Valley Bank brought relief to markets, although fears of contagion in the global banking system lingered.
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SVB deal soothes broader markets, but default stress haunts banksA buyer for large chunks of Silicon Valley Bank's deposits and loans helped cast an uneasy calm over fragile markets on Monday, which have been roiled by worries of a credit crunch and systemic bank stress.
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CNBC Daily Open: SVB deposits and loans find a buyerFirst Citizens bank agreed to buy Silicon Valley Bank’s deposits and loans, suggesting there is still confidence in the U.S. banking sector.
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SVB deal soothes broader markets, but stress haunts banksA buyer for Silicon Valley Bank's deposits and loans helped cast an uneasy calm over fragile markets on Monday, which have been roiled by worries of a credit crunch and systemic bank stress
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