The emergency plan will include a cash lifeline to a number of U.K. tech businesses affected by the Silicon Valley Bank collapse.
According to the BoE, a bank insolvency procedure would mean that “eligible depositors” are paid out by the Financial Services Compensation Scheme up to the “protected limit” of £85,000 or up to £170,000 for joint accounts, as “quickly” as possible.. Addressed to the U.K.
Chancellor Jeremy Hunt, the letter claims many fintech firms managed all of their banking operations through SVB, and will"therefore go into receivership imminently unless preventative action is taken".on March 10 after announcing efforts to raise $2.25 billion capital to shore up operations. The bank is one of the biggest lenders in the United States, providing banking services for over 40,000 small businesses and many crypto-friendly venture capital firms.
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