SVB Depositors to Have Access to Funds
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 13 March 2023
⏱️ 9 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Monday, March 13th, and I'm your host Julie Morgan. |
| 0:12.0 | Silicon Valley Bank depositors will have access |
| 0:15.0 | to all their funds today. |
| 0:16.6 | The Federal Reserve also created a lending facility |
| 0:19.7 | for banks following the failure of S. V. |
| 0:23.0 | State regulators took possession of New York-based signature bank on Sunday. |
| 0:27.0 | Depositors will also have access to all of their funds as well. |
| 0:31.0 | And HSBC acquires Silicon Valley Bank UK for one pound. |
| 0:38.4 | Our top story. Depositors at Silicon Valley Bank will have access to all of their funds today. |
| 0:44.8 | The FDIC closed down Silicon Valley Bank owned by S. V.B. Financial on Friday after customers |
| 0:51.1 | clamored to withdraw deposits. |
| 0:53.2 | This announcement from Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome |
| 0:57.8 | Powell and FDIC Chairman Martin Gruenberg. |
| 1:01.2 | They also added that taxpayers will not be on the hook for any losses incurred by the California bank. |
| 1:07.3 | The statement also noted that state regulators took possession of New York Baybased signature bank on Sunday. |
| 1:13.8 | Depositors will have access to all of their funds in that bank as well, |
| 1:17.8 | again with no expenses borne by taxpayers. |
| 1:21.2 | According to the Department of Financial Services in New York, as of December. taxpayers. $88.6 billion. |
| 1:35.0 | Separately, the Federal Reserve on Sunday |
| 1:37.3 | said it will make additional funding available |
| 1:39.8 | to eligible depository institutions |
... |
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