WASHINGTON, March 13 — RIA Novosti. From March 13, the US authorities will provide all depositors of the bankrupt American bank Silicon Valley Bank (SVB) with access to their savings, the minister said in a joint statement Finance Minister Janet Yellen, Fed Chairman Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Grunberg.
«Depositors will have access to all their money starting Monday, March 13,» the document says.
It is stressed that taxpayers will not incur «any loss» in solving the SVB problem.
California regulators closed SVB on March 10, the largest bank failure in the US since the 2008 financial crisis. All insured deposits were transferred from SVB to a separate structure — Deposit Insurance National Bank of Santa Clara. The collapse of the SVB turned out to be associated with an increase in the Fed's key rate, which led to the depreciation of assets on the balance sheets of many financial institutions. According to the FDIC, the cumulative losses of banks in 2022 amounted to $620 billion.