The British government announced on Monday morning that HSBC has agreed to buy SVB UK, the UK arm of Silicon Valley Bank, rescuing the deposits of around 3,000 technology firms totaling £6.7bn.

“This morning the Government and the Bank of England facilitated the private sale of Silicon Valley Bank UK to HSBC. Deposits will be protected at no cost to the taxpayer. As I said yesterday, we will protect our technology industry – and we have worked swiftly to deliver on that promise,” British Chancellor of the Exchequer Jeremy Hunt said on Twitter on Monday.

SVB UK was one of the biggest financiers of technology startups in Britain and there were fears that if the deposits of these startups were frozen, not only would they not be able to pay their employees’ salaries, but some would even go bankrupt.

“This acquisition makes excellent strategic sense for our UK business,” CEO Noel Quinn said in the statement.

“SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”

Bankruptcy of a second bank in the USA – Protection of all deposits in SVB and Signature Bank announced by the Fed

US authorities announced on Sunday that they will allow all customers of liquidated Silicon Valley Bank to recover all their deposits as early as Monday, a far from usual decision intended to reassure citizens and businesses.

The measure was announced by Treasury Secretary Janet Yellen together with the Federal Reserve Bank (Fed) and the Federal Deposit Insurance Corporation (FDIC), after consultation with US President Joe Biden.

US regulators shut down Signature Bank

The New York Financial Conduct Authority (NYDFS) announced on Sunday that it has taken over Signature Bank, which is based in the big city, and that its bankruptcy trustee is the Federal Deposit Insurance Corporation (FDIC).

As of Dec. 31, 2022, Signature Bank had $88.59 billion in savings, the agency said. This is the second US bank to collapse in a few days.

Signature Bank did not immediately respond to a Reuters request for comment.

The U.S. Treasury Department assured in a press release issued jointly with the two aforementioned regulators that all Signature Bank depositors will receive their money in full and that “there will be no loss to the taxpayer.”

Biden: Those responsible will be held accountable

Yesterday, with an announcement from the White House, the American president pledged to be responsible for its bankruptcy Silicon Valley Bank and her Signature Bank they will be “accountable”.

“I strongly pledge that those responsible for this mess will be held fully accountable and that we will continue our efforts to strengthen supervision and regulation of the largest banks so that we do not find ourselves in this position again,” Mr. Biden said in a press release that made public by his services.

“The American people and American businesses can have confidence that their savings will be there when they need them,” the US president also assured.

He also announced that he will make a public statement later today about the collapse of the two financial institutions and the actions of the authorities.