Another US bank fails

Following SHAFAQNA TURKEY-Silicon Valley Bank (SVB), a trustee was also appointed to New York-based Signature Bank. The US Treasury announced that after the bankruptcy of Silicon Valley Bank and Signature Bank, the losses will not be covered by taxpayers.

Following Silicon Valley Bank (SVB), New York’s Signature Bank was appointed trustee.

A statement made by the New York City Department of Financial Services (DFS) indicated that the bank, which was appointed trustee by the U.S. Federal Deposit Insurance Corporation (FDIC), had approximately $110.4 billion in assets and approximately $88.6 billion in . in deposits as at 31 December 2022. The statement says the bank is insured by the FDIC.

It was also emphasized that DFS works closely with other institutions to monitor market trends in order to protect consumers, maintain the normal functioning of the institutions it regulates and the stability of the global financial system.

STATEMENT YELLEN, POWELL AND GRUENBERG

Following successive bankruptcies, the US Treasury Department announced its deposit protection decisions, and SVB said its clients will be able to access their deposits from Monday.

US Treasury Secretary Janet Yellen, Fed Chairman Jerome Powell and FDIC Chairman Martin Grunberg issued a joint statement on SVB and Signature Bank. “This move ensures that the US banking system continues to play its vital role in protecting deposits and providing households and businesses with access to credit in a way that promotes strong and sustainable economic growth,” the statement said.

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