Governments Take Extraordinary Steps to Prevent Bank Panic

Governments Take Extraordinary Steps to Prevent Bank Panic https://ift.tt/ZTs190c Governments in the UK and U.S. took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down. The UK Treasury and the Bank of England “facilitated the sale″ of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits. U.S. regulators also worked all weekend to try to find a buyer for the bank. Those efforts appeared to have failed Sunday. But U.S. officials assured all depositors at the failed institution that they could access all their money quickly,