Part 3/11:
Resolving Silicon Valley Bank (SVB): Full deposit protection for all SVB depositors, with access to funds starting Monday, March 13. Importantly, no taxpayer losses will result from this resolution, as the costs are recovered through assessments on banks.
Closure of Signature Bank: Similar systemic risk exceptions were made, with depositors made whole and shareholders/shareholders' unsecured debt holders losing their investments. Management was removed, and investigations into the bank's handling are impending.
Additional Federal Reserve Support: A new funding facility with $25 billion was announced to provide liquidity to eligible banks, aiming to prevent widespread contagion and reassure the markets.