U.S. Treasury, Federal Reserve and FDIC statement: Depositors will be able to withdraw all cash in Silicon Valley Bank starting March 13

U.S. Treasury Secretary Yellen, Federal Reserve Chairman Jerome H. Powell and FDIC Chairman Martin J. Gruenberg issued a statement that depositors will be able to withdraw all cash starting from Monday, March 13, and any losses related to the Silicon Valley Bank resolution will not be waived. borne by the taxpayer. At the same time, all depositors of Signature Bank will be compensated, and taxpayers will not bear any losses. Shareholders and certain unsecured debtors will not be protected, and executives have been removed. Any losses suffered by the deposit insurance fund to support uninsured depositors are covered by a special assessment of banks, as required by law.