Australian shares open 0.3pc lower; New York state regulators close Signature Bank; US futures rally on Fed statement; Aussie bond yields sink; Xero ‘no material exposure’ to SVB. Follow updates here.
Silicon Valley Bank customers will have access to their deposits starting on Monday, US officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the tech startup-focused lender.
“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the statement said. “This step will ensure that the US banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”
Signature’s shareholders and unsecured debtors will not be protected, and management has been removed, the officials said.
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