"The UK has a world leading tech sector, with a dynamic start-up and scale-up ecosystem," it said.
"The government recognises that, given the importance of Silicon Valley Bank to its customers, its failure could have a significant impact on the liquidity of the tech ecosystem."The government is treating this issue as a high priority, with discussions between the governor of the Bank of England, the prime minister and the chancellor taking place over the weekend.
"The government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and we will bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met."'Serious risk to tech sector' after Silicon Valley Bank collapse
The implosion of SVB's US-listed parent company, which has been taken into government control, represents one of the biggest global banking collapses since the financial crisis of 2008. UK depositors stand to receive up to £85,000 as part of the resolution of the British arm of SVB, sparking fears about the fate of substantial amounts of funding in the start-up community.
SVB Financial was founded as Silicon Valley Bancshares on April 23, 1982,[1] by Bill Biggerstaff and Robert Medearis over a poker game.[9][10] Silicon Valley Bank was incorporated as a wholly-owned subsidiary in October 17, 1983.[1], Does it need Saving ?.
jeremy_hunt bankofengland need to do is get the UK back to 0% percent interest rates because if their is another Rate rise then SVB wont be the only bank only bank we see going under, HSBC taking this risk could be next LBC talktv GMB they should remove bankers bonuses
RishiSunak how is HSBC going to find the money to pay off SVB's current debts As of 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn Talktv gbnews GMB ft gbnews business ft
The clue is in the name ... Silly Con justsaying
Yet again bailing out the bank's, bitcoin solves all this, remove the monopoly from governments and greedy fucking bankers. People need to control their OWN money
so old your news !, it been brought hours ago
So sad, hope someone rescue before goes into insolvency 🙏
Bet they're still paying extravagant bonuses though!!
Nahhh, just let it go.
Why? It's not a high street bank so it's not going to affect anyone who can't afford to be affected
What does sub have to do with uk banks....get your money out now...if they are in bed with them
Again we pay for others incompetence .
Let's go Brandon
corruption
Whenever I read news like this, I know some really bad and powerful people are getting richer
I call for an international purge on certain bankers and politicians !
So we're paying the banks again ? Why ?
Why should they?
Never heard of them 🤷🏻♂️🤷🏻♂️🤷🏻♂️
Could this be the start of a bank bail in?
You know we are in trouble when ministers say 'At Pace'.
Why should UK banks and the UK public have to rescue a US Bank? The US was the main cause of the 2008 collapse. Have we learnt anything!
British public bailing out the banks again!
Exactly - socialism for banks and capitalism for social funding in the community.
And so it begins... Digital currency on its way
So the taxpayers then.....
SaveToBookmarks bankcollapse
Iromg Sensible approach, might be an interesting opportunity for one if they can assess the data in that short timeframe
$3.75m in shares dumped by the CEO & other board members dumped their stock, too - in the 2 weeks before bankruptcy, during which they also paid themselves bonuses!!! Criminal rip off. Will RishiSunak be chasing this money or UK taxpayer's bill?
Iromg Wouldn’t happen to the Bank of Dave.
Somehow the general public will end up paying for this
Let it fail
Don’t buy it Lloyds
Here we go again!
Sorry nothing to do with UK banks !
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