US bank collapse

British finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to "avoid or ...

regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits. bank SVB Financial Group [(SIVB.O)](https://www.reuters.com/companies/SIVB.O), which focuses on tech startups, was the biggest in the U.S. The BoE has said that it is seeking a court order to place the UK arm into an insolvency procedure. Customers may not be able to recover deposits in excess of that. [dramatic failure](/business/tech-execs-race-save-startups-extinction-after-svb-collapse-2023-03-12/) of the U.S. "We've been working at pace over the weekend, through the night," Hunt told Sky News.

Australian investors are bracing for the risk of deeper fallout from the second-biggest bank failure in US history.

“It appears that the technology sell-off last year in response to Fed tightening is now having an impact on the ground,” he said. “It’s a relatively small bank and had a relatively narrow focus ... Silicon Valley Bank, a prominent lender to tech start-ups, became the largest bank to collapse since the global financial crisis, as it was taken over by US regulators on Friday. The California-based lender’s collapse sent shockwaves through financial markets and sent bank shares tumbling on Wall Street and across Europe and Asia. He said the US bank’s troubles were a symptom of the troubles facing the tech industry, which had been enjoying a period of zero interest rates and investors “willing to throw money at them”. “This is not a Lehman’s moment, this is not a globally significant bank,” Dive said.

Britain's technology and life sciences sectors are at "serious risk" following the closure of the Silicon Valley Bank, Chancellor Jeremy Hunt warned on ...

Hunt said the governor of the Bank of England had made it "very clear" that there was no systemic risk to the UK's financial system due to the SVB's collapse. The Bank of England said it intended to pursue insolvency with regards to the bank's British subsidiary. The California-based SVB bank, which was closed by US authorities on Friday, manages the money of some of the UK's most promising businesses, Hunt said.

Silicon Valley Bank, which specialised in tech companies and startups, has had its assets seized by the US government after a bank run caused it to fail.

"And so the big ask is for the federal government to come in and step in." Whether this is the case or not, it's hard to dispute that the bank's collapse will reverberate through global markets and impact New Zealand. "Unless someone comes in and is able to support Silicon Valley Bank through an acquisition through other means, I mean, a lot of us are going to be in a very painful situation very quickly," Kalb said.