Read Fed plan to help resolve Silicon Valley Bank situation in way that “fully protects all depositors, both insured and uninsured”
Here is a link to the Fed’s full Sunday, March 12 statement approving actions to “fully protect” Silicon Valley Bank depositors — both those with balances up to the FDIC insured limit, and those above that limit.
This link also describes a new Bank Term Funding Program (BTFP) that will “help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.”
Fed just approved protection for all SVB depositors, both insured and uninsured, saying "these actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy."
Check It Out:
– Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors