Not many had a bank run on their 2023 bingo card, but here we are.  Silicon Valley Bank (SVB) has been shut down by the California Department of Financial Protection and Innovation (CDFPI), with the Federal Deposit Insurance Corporation appointed as receiver. Shares in SVB were withdrawn this morning in New York, after falling 87 per cent in pre-market trading, with depositors scrambling to get their money out. In a statement, the CDFPI said: “All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023.” Now there is worry about contagion: today, shares in…

Want to continue reading?

Introductory offer: Sign up today and pay €200 for an annual membership, a saving of €100.

Subscribe

Cancel anytime.

Are you already a member? .