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France 24

Business

Charles PELLEGRIN

US regulators step in to shore up banking sector in wake of SVB's collapse

SVB US Federal Reserve Federal Deposit Insurance Corporation Goldman Sachs HSBC Silicon Valley Bank the Federal Reserve United Kingdom STEM Insurance

BUSINESS DAILY © FRANCE 24

The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation have unveiled a plan meant to stem any contagion from Silicon Valley Bank's (SVB) failure on Friday. The Federal Reserve will provide an emergency lending facility that will ensure all of the bank's depositors are repaid in full. Elsewhere, the UK government says SVB's UK subsidiary has been purchased by HSBC and Goldman Sachs says a Fed rate hike is no longer expected because of "stress in the banking system".

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