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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff and Larry Elliott

‘It was frantic’: the scramble to save SVB UK and avert a banking crisis

A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters
Silicon Valley Bank was shut down on Friday morning by California regulators and put in control of the US Federal Deposit Insurance Corporation. Photograph: Justin Sullivan/Getty Images

From the moment Silicon Valley Bank collapsed on Friday afternoon, banking regulators knew they had just two days to shore up confidence and prevent contagion spilling over in the UK.

In offices, spare bedrooms and kitchens across the UK, it was all hands to virtual battle stations as a small army worked through the weekend and well into the early hours of Monday morning to try to salvage the UK arm of the tech lender – or risk turmoil when markets opened.

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