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US says all SVB deposits safe, creates new backstop for banks
#SiliconValley Bank headquarters in Santa Clara, #California, US, on Thursday, March 9, 2023. SVB Financial Group bonds are plunging alongside its shares after the company moved to shore up capital after losses on its securities portfolio and a slowdown in funding. SVB depositors “will have access to all of their money starting Monday, March 13,” the government said in a statement, adding that taxpayers won’t be responsible for any losses associated with SVB’s resolution. Under the new program, which provides loans of up to one year, collateral will be valued at par, or 100 cents on the dollar. The Fed said the loans under the discount window, which are up to 90 days, will now be subject to the same collateral margins as the new bank funding facility. Source - Money Cotrol
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