It’s been a rocky few days watching the crisis unfolding around Silicon Valley Bank and what would happen to its depositors. We’ve received our answer.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
So that’s been a wild and scary ride and I guess we are kicking the can down the road. But I wasn’t emotionally prepared for a contagion on Monday.