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UK finance minister and Bank of England work to contain SVB fallout

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Britain's finance ministry and the Bank of England are working together to minimise the disruption that could stem from a collapse of the UK arm of Silicon Valley Bank , which has been seized by U.S. regulators, the ministry said on Saturday.

More than 250 UK tech firm chief executives signed a letter addressed to Jeremy Hunt, the British chancellor of the exchequer , calling for government intervention, a copy seen by Reuters shows.

"Most businesses are operating on very fine margins in the current economy and the contagion from the initial insolvencies will be vast and impact the economy far beyond the tech sector," the letter said., was considering a rescue bid for the UK arm of SVB.to place SVB UK into an insolvency procedure after U.S. regulators took over its parent company SVB Financial Group.

Britain's Department for Science, Innovation and Technology is also talking to the affected tech firms. A further statement will be issued after the talks on Saturday.

 

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karolcummins NarcAware

Financial Jenga… watch the tower tip, then collapse.

So the fallout is not limited to SVB 🤔 What are you guys hiding

Americans will drag England down with them and it will be a fitting punishment....

oni koji pokreću bankrun moraju biti procesuirani i kažnjeni

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UK finance minister, Bank of England working to minimise SVB falloutBritain's finance ministry and the Bank of England are working together to minimise the disruption that could stem from the UK arm of collapsed U.S. bank Silicon Valley Bank, the ministry said on Saturday. When I see that headline, I hang onto my wallet that much tighter... At the end of 2022, SVB had $175.4 billion in deposits.
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SVB sinks wiping $61B in market value off bank stocksSilicon Valley Bank lost over half its value after investors bailed on the shares following plans for a large capital raise. 😲😲😲😲 Phase 6 Here we go.
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