 "SVB, Silicon valley bank")
The resolution of the Silicon Valley Bank (SVB) will be done in a manner that "fully protects all depositors" of the bank, a statement released by Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell, and FDIC Chairman Martin Gruenberg said.
Yellen also said that the depositors will get access to their money from Monday.
The collapse of the SVB is the biggest such collapse since the 2008 crisis. It has sent shockwaves across the tech and startup sector as the bank served thousands of startups and several venture capitalist (VC) funds.
The depositors are worried about getting back their
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