The run on Silicon Valley Bank’s deposits this month went far deeper than was initially known.
Uncertainty caused by the collapse of Silicon Valley Bank this month triggered outflows and plunging share prices at peers including First Republic and PacWest.
Regulators again assured the public that the system is safe, as data showed customers pulled nearly $100 billion in deposits.
Emergency federal actions to back up customers of Silicon Valley Bank and Signature Bank could be used again if necessary, Treasury Secretary Janet Yellen said.
Crypto firms are scrambling to find institutions to bank with after the collapse of Signature Bank and Silvergate Capital.
A number of central banks around the world worked in coordination to enhance the provision of liquidity through the standing U.S. dollar swap line arrangements.
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