Data submitted by Silicon Valley Bank at the end of 2022 shows that 89% of its $175 billion in deposits were uninsured.
WASHINGTON, USA – Silicon Valley Bank’s high level of uninsured deposits helped kick off the run that led to, and now any of those depositors will need to hold their breath to see if bank regulators can recover enough to make them whole.
SVB Financial Group’s Silicon Valley Bank had a relatively high amount of uninsured deposits as it courted tech workers and venture capital firms. The FDIC said on Friday the amount of uninsured deposits at the bank was “undetermined,” likely complicated by the rush of bank customers to remove uninsured funds. But data submitted to the FDIC by the bank at the end of 2022 showed that 89% of its $175 billion in deposits were uninsured.
Regulatory experts say account holders with uninsured funds are not typically individuals. Usually, accounts with such high funds are companies that need cash on hand for payroll and other expenses. But Silicon Valley Bank’s relatively well-off clientele could be the exception, and the push for full repayment was already coming from some corners.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank slams global shares, US payrolls loomGlobal shares hit a two-month low as investors dumped banks on fears of contagion after a capital raising at Silicon Valley Bank, with U.S. payrolls figures also a focus ahead of the Federal Reserve meeting later this month. | Reuters
Read more »
Silicon Valley Bank collapses after failing to raise capitalSilicon Valley Bank collapsed Friday morning after a stunning 48 hours in which it set off fears of a meltdown in the banking industry.
Read more »
US closes Silicon Valley Bank in biggest collapse since 2008US regulators pulled the plug on Silicon Valley Bank on Friday in a spectacular move that sent global banking shares into turmoil, as markets fretted over possible contagion from America&39;s biggest banking failure since the 2008 financial crisis.
Read more »
Silicon Valley Bank is largest failure since financial crisis, billions strandedCalifornia banking regulators close Silicon Valley Bank and appoint the Federal Deposit Insurance Corporation as receiver for later disposition of its assets.
Read more »
Data Center in Laguna | BusinessMirrorDepartment of Information and Communications Technology (DICT) Secretary Ivan John Uy along with other DICT executives joined an exclusive Preview Tour of Digital Edge Philippines Inc. on its newest NARRA1 Data Center in Biñan, Laguna. Secretary Uy manifested the DICT’s commitment to addressing the country’s digital infrastructure development by strengthening…
Read more »
TikTok seeks to calm Europe’s fears over data privacyBRUSSELS, Belgium - TikTok launched a new effort to assuage European leaders&039; worries over data security on Wednesday, as Western governments consider further bans on the video-sharing
Read more »