The relief shared by Australian customers of failed Californian lender Silicon Valley Bank played out in real-time on Monday as Washington’s intervention arrived half an hour before what was set to be a torrid ASX trading session.
played out in real-time on Monday as a rescue by way of Washington’s intervention arrived half an hour before what was set to be a torrid ASX trading session.
“That said we’ve obviously been planning over the weekend and put plans in place to make sure that our short-term obligations are covered,” he said.Life360, which provides a popular family tracking app and is based in San Mateo, California, has about $5.6 million on deposit at SVB, a fraction of its $95 million of cash and cash equivalents.
And accounting software firm Xero has $US5 million in deposit at the bank, which is less than 1 per cent of its cash and cash equivalents. Clinuvel, Bigtincan, ProMedicus, Audinate, Straker all issued clarifications to say they had no or limited exposure to the SVB. LayBuy had a clearing account with SVB, but that was less than $US10,000.
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