The U.S. Federal Deposit Insurance Corporation is reportedly holding an auction for the assets of failed Silicon Valley Bank of California this weekend, while discussions are also said to be underway involving the Federal Reserve to possibly create a fund to protect depositors.
The FDIC began an auction process late Saturday for Silicon Valley Bank, with final bids due by Sunday afternoon, Bloomberg reported Sunday. The FDIC is now working on selling the assets and making a portion of clients’ uninsured deposits available as soon as Monday, sources said. The agency has said it will make 100% of insured deposits available on Monday, when Silicon Valley Bank branches reopen.
Uninsured depositors are expected to get a receivership certificate and possibly dividends once the bank’s assets are sold by the FDIC, but concerns center on the fact that more than 90% of the bank’s deposits are uninsured.Some analysts are now questioning whether similar problems could be lurking at other institutions. Many small and midsize lenders were queried on Saturday by FDIC officials who were seeking information about their financial soundness, Bloomberg reported, citing sources.
Read: As Silicon Valley Bank concerns grow, Yellen says she has been ‘working all weekend with our banking regulators to design appropriate policies’ to address depositors
The people wanting the Government to bailout SVB and its customers are same people people who want to cut Social Security, Medicare and not help with student loans The only want Corporate Welfare and Corporate Socialism
They need to update the limit on the placard so that it accurately says “infinity”.
Auctions are simply not enough to pay people back.
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