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Treasury Department and Federal Reserve System The United States released a joint statement regarding the fate of depositors of the failed Silicon Valley Bank, located in Santa Clara, California.
«Depositors will have access to all their funds in accounts, starting from Monday, March 13th. Taxpayers will not suffer any losses associated with the liquidation of Silicon Valley Bank,» the message says.
It is specified that these actions were approved by the Secretary of the Treasury, Janet Yellen, after receiving recommendations from the advice of the Deposit Insurance Commission and the Federal Reserve and consultations with US President Joe Biden. They should allow all depositors to be fully protected.