The US Federal Deposit Insurance Corporation and the Federal Reserve are working to create a fund to protect deposits at banks that may be in distress due to the bankruptcy of Silicon Valley Bank (SVB). In this respect informs Bloomberg, citing the source.
The publication stated that regulators and institutions hope that establishing a deposit protection mechanism will help calm customers and prevent panic. Additionally, regulators have already discussed this issue with the heads of credit institutions.
At the White House early Sunday declarationUS President Joe Biden spoke by phone with California Governor Gavin Newsom on Saturday about ways to resolve the situation around the bankrupt Silicon Valley Bank.
Maxim Chirkov, previously an Associate Professor of the Department of Political Economy at the Moscow State University, said that the bankruptcy of the large American bank SVB would not be a “trigger” for the mass bankruptcies of institutions in the region. US financial market. This is mainly due to the peculiarities of SVB clients, which focus on investing in new technology companies – there are not many such banks in the United States.