Founders and executives began to pull money out of the US bank, and so began a bank run, with customers pulling their deposits out rapidly - both in America and, as news of the bank's travails spread - in the UK too.While the UK wing of SVB was far smaller than its American parent the speed of its collapse was nonetheless breathtaking.
That was when the Bank of England intervened and took control: with its deposit base having nearly halved in the space of just over 24 hours , it was clear that SVB UK couldn't survive on its own anymore. The first was to sell SVB UK in its entirety to another bank - ideally a British one, regulated in London.
Officials made a terse public announcement along those lines, and then they got to work trying to find a buyer.So began a long weekend at the Bank, and the biggest test yet of the"resolution" system put into place following the 2008 crisis, which promised to find a way to neatly wind up a bank in the event of collapse.
These Multi-international Businesses are deliberately scamming people by suddenly closing down. They're operating in bad faith (Mafia Style) & the owners go unpunished.
Unexpected? Like lending long against short collateral when interest rates are rising.
All hands on cheque ✍️
Isn’t every business vulnerable to changes. I know one that’s going to get an amazing fall from grace soon (not the BBC).
Crumbling USA hegemony
We want to know about the lockdownleaks , why is nothing being done when it's clearly treason , hancock lied to the people and the government went along with it
The old chairman giving his full support to the head coach speech.
This guy needs to be in a retirement centre
The whole system is corrupt
Another fraudulent deal behind closed doors
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