People familiar with the matter: FDIC is selling assets, providing uninsured deposits for Silicon Valley Bank customers

The Federal Deposit Insurance Corporation (FDIC) is selling assets to provide uninsured deposits for some Silicon Valley Bank customers, Bloomberg reported, citing people familiar with the matter. Assets are being sold for 30-50% or more of uninvested deposits, people familiar with the matter said. Currently, SVB's corporate clients lack the funds to maintain business operations and staff salaries. The amount of uninsured deposits is still being determined, the FDIC said, and prepaid dividends will be issued to uninsured savers soon, with payments to follow.