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 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.”
Source :Skai
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