fear mongering ?
How Worried Should Forex Traders Be Over The SVB Crisis?
US stock indices dropped substantially yesterday, led by the Nasdaq and prompting a general sell-off across the world. A ~2% drop in the stock market isn’t all that unusual, but this time it was caused by a massive drop in the banking sector. And when banks are in trouble, forex traders would do well to sit up and pay attention, since banks are the ones that handle all the money processing. What happened? The issue stems from some bad news out of a bank that is relatively unknown outside of the tech start-up sphere, Silicon Valley Bank, which is owned by SVB Financial (and most commonly known simply as SVB). It ... (full story)
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tweet at 11:52am: 18th largest bank in the US by total assets, 'largest bank failure since the Great Recession wow NEW YORK (AP) ó Bank regulators seize Silicon Valley Bank in largest bank failure since the Great Recession.FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank. All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors. Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bankís normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bankís official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds. As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers. Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-799-0959. The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition. Loan customers should continue to make their payments as usual. Silicon Valley Bank is the first FDIC-insured institution to fail this year. The last FDIC-insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020.