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 minimise damage" resulting from the chaos engulfing the UK arm of Silicon Valley Bank.
Hunt said efforts are focused on finding a"longer-term solution that minimises, or even avoids completely, losses to some of our most promising companies." Given the importance of the bank to its customers, its failure could have a significant impact on some companies, Hunt said.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.Advisory firm Rothschild & Co is exploring options for the UK arm, called Silicon Valley Bank UK, as insolvency looms, two people familiar with the discussions told Reuters on Saturday.
Under insolvency proceedings for banks in Britain, some depositors are eligible for up to 85,000 pounds of compensation for cash held at lenders, or 170,000 pounds for joint accounts. Customers may not be able to recover deposits in excess of that.
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Why Silicon Valley Bank has caused panic around the world | BusinessSilicon Valley Bank triggered a panic in the banking sector on Friday, with shares in leading lenders around the world plunging, after it dumped assets to raise cash to cover withdrawals. | News24_Business
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