Biden administration says depositors will have access to their money Monday after SVB's collapse as a second regional bank in New York failed Sunday.
In an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday. In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days. Signature’s customers will receive a similar deal, ensuring that even uninsured deposits will be returned to them Monday.
That worrisome sign triggered a bank run that led to SVB’s collapse Friday. To prevent a repeat at another bank, the Fed said it will offer banks loans for up to a year in exchange for US Treasury bonds and mortgage-backed securities that have tumbled in value. The Fed will honor the debt’s original value for the banks that take the loans. And, as it did during the pandemic, the Treasury will also provide $25 billion in credit protection to ensure against banks’ losses.
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