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TechCrunch - SVB contagion: UK arm shuts down, government scrambles and startups brace for the worst
Posted By: NaturalWisdom Date: Saturday, 11-Mar-2023 18:00:18
www.rumormill.news/218857
With one less daylight hour available due to Daylight Savings Time taking effect this weekend, how many savers and investors in the United States will be blindsided when banks and the financial markets reopen on Monday?
-NW
SVB contagion: UK arm shuts down, government scrambles and startups brace for the worst
Mike Butcher
Tech Crunch
March 11, 2023
[snip]
As of late Thursday night and Friday morning, the fallout from the shutdown of Silicon Valley Bank in the US had reached the shores of the UK and Europe. Yesterday afternoon, the Bank of England sought a court order to place Silicon Valley Bank UK Limited the UK arm of the US institution into an insolvency procedure.
In a statement, the BoE said: SVB UK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits. SVB UK confirmed it would be put into insolvency from this Sunday evening (tomorrow).
The move could affect as much as 30% of UK tech startups, with potentially 10% in trouble, industry sources estimate.
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RMN is an RA production.
Articles In This Thread
- TechCrunch - SVB contagion: UK arm shuts down, government scrambles and startups brace for the worst
NaturalWisdom -- Saturday, 11-Mar-2023 18:00:18
- yahoo!news: Silicon Valley Bank trading halted; staff asked to work from home as SVB seeks a buyer, say reports
NaturalWisdom -- Saturday, 11-Mar-2023 18:05:23
- TheStreet: Two U.S. Banks (Silvergate and SVB) Collapse in 48 Hours. Which One's Next?
NaturalWisdom -- Saturday, 11-Mar-2023 18:27:45
- Zero Hedge: USDC 'Stablecoin' Breaks Peg As Circle Admits Billions Stuck With SVB
NaturalWisdom -- Saturday, 11-Mar-2023 19:05:29
- William Mount: Why Did The FDIC Seize 2 Perfectly Sound Banks? [24 min video]
NaturalWisdom -- Saturday, 11-Mar-2023 20:37:43
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