The fallout of the collapse of Silicon Valley Bank and Signature Bank is still unfolding. Let’s start by taking stock of what's happened since markets reopened after the weekend: Depositors at SVB and Signature could access their funds on Monday thanks to intervention by US regulators, which aimed at preventing contagion. The Fed’s $25bn Bank Term Funding Programme came into action, offering advantageous conditions for banks that can get loans with collaterals valued at par – therefore avoiding incurring losses when selling securities that have lost in value. It remains to be seen to what degree this will ultimately ... (full story)