SVB depositors will have access to money from March 13

In a step aimed at protecting the US economy by strengthening public confidence in the country's banking system, the Biden administration announced that depositors of the Silicon Valley Bank will have access to their money from March 13. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, Treasury Secretary Janet Yellen approved actions enabling the FDIC to complete its resolution of the Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors, an official statement said. According to the interagency federal statement, shareholders and certain unsecured debt holders, however, will not be protected. California-based Silicon Valley Bank, the 16th largest bank in the United States, was closed on March 10, by the California Department of Financial Protection and Innovation which later appointed the FDIC as its receiver.