Last Minute: FED President, US Treasury Secretary and FDIC President Released a Joint Statement! Is the Crisis Resolved? Bitcoin Rising!

FDIC Chairman Martin J. Gruenberg, Fed Chairman Jerome H. Powell, and Treasury Secretary Janet L. Yellen issued a joint statement summarizing the decisive steps they have taken to strengthen public confidence in the US banking system and protect the economy.

SVB depositors will have access to all of their money on Monday. All depositors will be paid. The Fed said it was ready to use all its tools to support households and businesses.

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On the other hand, the entire cryptocurrency market has moved upwards.

“All Losses of Silicon Valley Bank and Signature Bank’s Customers Will Be Fully Covered”

The statement confirms that, on the recommendation of the Fed and the FDIC, Secretary Yellen has approved measures that will enable the FDIC to complete Silicon Valley Bank’s settlement process in a way that fully protects all depositors. Depositors will have access to all their money from March 13, and no settlement-related losses will be borne by taxpayers.

The statement also states that a similar systemic risk exemption has been introduced for Signature Bank in New York. Again, the losses of all depositors will be covered and no losses will be covered by the taxpayers.

Shareholders and certain unsecured debt holders will not be protected, and senior management at both institutions has been dismissed. Losses to the Deposit Insurance Fund to support uninsured depositors will be covered by a special consideration to banks as required by law.

In addition, the Fed has announced that it will provide additional funding to eligible depository institutions to ensure that all depositors can meet their needs.

The statement concludes by emphasizing the resilience and solid foundations of the US banking system, thanks in part to reforms made in the aftermath of the financial crisis that better protected the sector. The steps taken today demonstrate the authorities’ determination to take the necessary steps to ensure depositors’ savings remain safe, the statement said.

*Not investment advice.

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