Silicon Valley Bank Collapse, Deposits Fully Protected: US Regulators | coindesk JAPAN | Coindesk Japan

All Silicon Valley Bank depositors will be fully insured and will be able to access their deposits on March 13. FDIC) announced in a joint statement on March 12.

“Following recommendations from the FDIC and the Federal Reserve, and after consulting with the President, Treasury Secretary Yellen has authorized steps to complete the resolution of the Silicon Valley Banks in a way that the FDIC fully protects all depositors.” Treasury Secretary Yellen, Fed Chairman Jerome Powell and FDIC Chairman Gruenberg said in a joint statement.

“Today, we are taking decisive steps to protect the American economy by strengthening public confidence in the banking system,” the joint statement said.

The FDIC’s deposit protection protects $250,000 per account, but this time, the full amount will be protected, demonstrating the strong will of the US financial regulators.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image:
｜Original: Silicon Valley Bank Depositors Will Have Access to “All” Funds Monday, Say Federal Regulators