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crisis: supervision in the hands of the FDIC
Signature Bank closed after Silicon Valley Bank of America
New York. Regulators in the US have now closed Signature Bank following the bankruptcy of Silicon Valley Bank (SVB). This is being called the third largest failure in US banking history.
The Federal Deposit Insurance Corporation (FDIC) has taken control of Signature Bank, the New York Treasury Department said. The bank’s balance sheet at the end of last year amounted to 110 billion dollars and deposits of 88.59 billion dollars. The US Treasury Department and other regulatory agencies made it clear in a joint statement that the interests of all depositors of Signature Bank and Silicon Valley Bank will be protected. The taxpayer must not suffer. Billions of investors are stuck in Silicon Valley Bank, the world’s largest ecosystem financing bank. An agreement has been reached with HSBC Bank on the sale of the bank’s British operations for one pound, i.e. 100 rupees. FDCI is considering various options, including acquisitions to solve SVB Bank’s problems.