US authorities announce will ‘absolutely’ defend depositors in collapsed SVB

US Authorities To 'Fully' Protect Depositors In Silicon Valley Bank Crisis

US regulators pulled the plug on SVB — a key lender to US startups for the reason that Eighties. (File)

New York:

US finance authorities introduced a rescue plan Sunday that may guarantee all depositors at failed Silicon Valley Financial institution will be capable to “absolutely” retrieve their funds and that American taxpayers is not going to need to foot the invoice.

“Depositors can have entry to all of their cash beginning Monday, March 13,” stated a joint assertion by the US Treasury, the Federal Deposit Insurance coverage Company and the US Federal Reserve following days of scrambling to avert a broader monetary knock-on impact with different establishments.

(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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