Federal Officials: All Silicon Valley Bank Clients Will Receive Funds

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The federal government announced that all Silicon Valley Bank customers will have access to their money from Monday morning.

The news comes after Treasury Secretary Janet Yellen said earlier Sunday that the government would not bail out the bank, instead focusing on interested savers.

“Today, we are taking decisive action to protect the US economy by building public confidence in our banking system,” Treasury Department, Federal Reserve and FDIC officials said in a joint statement on Sunday. “This move ensures that the US banking system continues to play its vital role in protecting deposits and providing access to credit for households and businesses.”

The application appears to cover deposits over $250,000 for federal bank insurance.

FDIC officials said they closed a second bank, New York’s Signature Bank, on Sunday. According to the statement, Signature Bank will receive a “similar systemic risk exemption” and promised to bail out savers.

The Federal Reserve Board will also provide additional funds to eligible depository institutions to ensure that other banks can pay their depositors.

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