Posted BY: | NwoReport
Silicon Valley Bank customers will be able to access all of their funds starting on Monday, federal agencies said in a statement released on Sunday.
“Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” said a joint statement from the Department of the Treasury, Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).
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The statement also said that the Federal Reserve will make additional funding available to eligible institutions “to help assure banks have the ability to meet the needs of all their depositors.”
The agencies also reiterated that the wider banking system “remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry.”