US president Joe Biden on Thursday urged banking regulators to reinstate tough rules on mid-sized banks in the United States. The rules, as per AFP, were weakened under his predecessor Donald Trump. Biden said that the revival of the regulations would help prevent future failures like the one Silicon Valley Bank underwent in recent days.

As per a White House fact sheet, Biden urged regulators to consider a set of reforms to "reduce the risk of future banking crises."&nbsp;

The fact sheet, as per AFP, was addressed to "federal banking agencies, in consultation with the Treasury Department" and did not explicitly name the US Federal Reserve or the Federal Deposit Insurance Corporation&nbsp;(FDIC).

Biden sought for the banks to undergo annual stress tests, as well as "living wills" outlining how assets would be liquidated in the event of failure and stringent capital requirements.

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When Silicon Valley and Signature Banks collapsed, we acted quickly to stabilize the banking system. 
 
I said then that we're not done strengthening oversight to prevent future failures. 
 
I urge federal banking agencies to consider reinstating safeguards gutted by my predecessor: <a href="https://t.co/Xzv2ZVeZKz">https://t.co/Xzv2ZVeZKz</a>
— President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1641605358933139456?ref_src=twsrc%5Etfw">March 31, 2023</a></blockquote>
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Following the 2008 financial crisis, in the US, a law called the Dodd-Frank law was passed. The law imposed stricter standards on banks with at least $50 billion in assets.

Under Donald Trump's administration, the rules for mid-sized banks with $100 and $250 billion in assets were eased. However, the largest US banks, such as Citigroup and JPMorgan Chase, continue to be subjected to the strictest capital and liquidity requirements.

In 2018, Trump signed into law a reform that removed tougher standards for banks with assets between $50 to $100 billion. While for banks with assets of $100-$250 billion, tougher rules were not adopted automatically, rather they were imposed on a case-by-case basis.

(With inputs from agencies)

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US president Joe Biden on Thursday urged banking regulators to reinstate tough rules on mid-sized banks in the United States. The rules, as per AFP, were weakened under his predecessor Donald Trump.

US president Joe Biden on Thursday urged banking regulators to reinstate tough rules on mid-sized banks in the United States. The rules, as per AFP, were weakened under his predecessor Donald Trump. Biden said that the revival of the regulations would help prevent future failures like the one Silicon Valley Bank underwent in recent days. As per a White House fact sheet, Biden urged regulators to consider a set of reforms to "reduce the risk of future banking crises." The fact sheet, as per AFP, was addressed to "federal banking agencies, in consultation with the Treasury Department" and did not explicitly name the US Federal Reserve or the Federal Deposit Insurance Corporation (FDIC). Biden sought for the banks to undergo annual stress tests, as well as "living wills" outlining how assets would be liquidated in the event of failure and stringent capital requirements. When Silicon Valley and Signature Banks collapsed, we acted quickly to stabilize the banking system. I said then that we're not done strengthening oversight to prevent future failures. I urge federal banking agencies to consider reinstating safeguards gutted by my predecessor: https://t.co/Xzv2ZVeZKz — President Biden (@POTUS) March 31, 2023 × Following the 2008 financial crisis, in the US, a law called the Dodd-Frank law was passed. The law imposed stricter standards on banks with at least $50 billion in assets. Under Donald Trump's administration, the rules for mid-sized banks with $100 and $250 billion in assets were eased. However, the largest US banks, such as Citigroup and JPMorgan Chase, continue to be subjected to the strictest capital and liquidity requirements. In 2018, Trump signed into law a reform that removed tougher standards for banks with assets between $50 to $100 billion. While for banks with assets of $100-$250 billion, tougher rules were not adopted automatically, rather they were imposed on a case-by-case basis. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

To prevent SVB-like failures, Biden calls for revival of banking regulations weakened under Trump

The financial regulators in the United States shut down Silicon Valley Bank&nbsp;in the <a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945">biggest bank failure since the 2008</a> recession that turned most stock indices red across the world.

One of the crucial steps taken by the US Federal Deposit Insurance Corporation (FDIC) involved the creation of a National Bank of Santa Clara. This especially created financial institution involved feeding deposits and other assets of the failed Silicon Valley Bank. However, the abrupt closing impacted tech firms, the chief customers of the now collapsed bank.&nbsp;

Large US banks have been&nbsp;injected with $30 billion in deposits into First Republic Bank, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of Silicon Valley Bank.

<h2>The ‘greed and avarice’ of Silicon Valley</h2>

However, despite its proactive response to the crisis, the United States Federal Reserve is facing the flak for the signs of high risk of collapsing that the Silicon Valley Bank was facing.&nbsp;

The United States federal regulators said that all deposits will be made whole, <a href="https://www.wionews.com/business-economy/silicon-valley-bank-crisis-what-led-to-stock-crash-whats-next-heres-everything-you-need-to-know-570568">in a relief to many depositors</a>.

However, many investors and analysts say that the SVB crisis is not an isolated incident, and its roots lie in a bigger systemic problem, they add.

“With regard to who’s to blame here, I think that the greed and avarice that has long been present in Silicon Valley has come home to roost,” Keith Fitz-Gerald, a trader, was quoted as saying by CNBC.

<h2>Questions raised on the US regulators</h2>

Analysts cited in the US media say that the regulators have been asleep at the wheel. This is because the Silicon Valley Bank relied heavily on corporate deposits and not much on retail and holding a large proportion of assets in loans and securities. This exact aspect of the Silicon Valley Bank’s functioning made it more prone to collapse.&nbsp;

“I would submit that not only are they (the US Feds) complicit, they had a hand in designing this mess...SVB did what they needed to do, arguably, within the structure of rules that are the problem. So, to me, it’s the system that’s broken, or at least needs to be seriously reviewed here,” Keith Fitz-Gerald said.

ALSO WATCH |&nbsp;HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch

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“I am personally flabbergasted that the system is what it is today and that this stuff was allowed to happen,” he said. “Where were the regulators? Where were the auditors? I think there’s going to be very serious questions asked about how the rating systems work. Why were these banks allowed to take on assets when they should have been backing their deposits?” Fitz-Gerald asked.

“That is a fundamental issue that has got to come to the forefront now. We can’t ignore it and kick the can down the road. I think it’s an embarrassment to the US Federal Reserve. I think it’s an embarrassment to the banking regulators, frankly.”

<h2>‘Stupid risks’ were at play</h2>

Investor Michael Burry attributed the Silicon Valley Bank’s collapse to what he called the ‘stupid risks’ taken by the ‘people full of hubris’.&nbsp;

“2000, 2008, 2023, it is always the same,” Burry, who founded the hedge fund Scion Asset Management was quoted as saying.&nbsp;

“People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well.”

<h2>The aftermath</h2>

Gold has witnessed early decline after US consumer price data came in line with expectations. The yellow metal is reportedly holding above the price of $1,900 an ounce after more than a five per cent surge over the previous three sessions, Bloomberg reported.

The oil prices rose from their lowest close in three months, with the West Texas Intermediate approaching $72 per barrel after losing seven per cent over the previous two sessions.

Global accounting firm KPMG said it stands behind its audits of Silicon Valley Bank and Signature Bank, the Financial Times reported.

The firm's US boss Paul Knopp said that the audit work considered all the facts available at the time and that the market-driven events led to the banks' failures.

The SVB has now filed for a&nbsp;court-supervised reorganisation under Chapter 11 bankruptcy protection while it continues to scramble to seek buyers for the assets it is left with. Before&nbsp;that as well the company had mentioned that they were&nbsp;planning to look at&nbsp;strategic alternatives for its businesses which included&nbsp;SVB Capital and SVB Securities. However, the&nbsp;two aforementioned holding companies'&nbsp;funds and general partner entities are not a part of its reorganisation-related filing.&nbsp;

Meanwhile, the White House is carefully monitoring developments at First Republic and other smaller banks after actions to protect the depositors following SVB's collapse. This comes a day after

Moody's Investors Service downgraded First Republic Bank and five other lenders, citing concerns over their reliance on uninsured deposit funding and losses in the asset portfolios.

(With inputs from agencies) 
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The financial regulators in the United States shut down Silicon Valley Bank in the biggest bank failure since the 2008 recession that turned most stock indices red across the world.

The financial regulators in the United States shut down Silicon Valley Bank in the biggest bank failure since the 2008 recession that turned most stock indices red across the world. One of the crucial steps taken by the US Federal Deposit Insurance Corporation (FDIC) involved the creation of a National Bank of Santa Clara. This especially created financial institution involved feeding deposits and other assets of the failed Silicon Valley Bank. However, the abrupt closing impacted tech firms, the chief customers of the now collapsed bank. Large US banks have been injected with $30 billion in deposits into First Republic Bank, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of Silicon Valley Bank. The ‘greed and avarice’ of Silicon Valley However, despite its proactive response to the crisis, the United States Federal Reserve is facing the flak for the signs of high risk of collapsing that the Silicon Valley Bank was facing. The United States federal regulators said that all deposits will be made whole, in a relief to many depositors. However, many investors and analysts say that the SVB crisis is not an isolated incident, and its roots lie in a bigger systemic problem, they add. “With regard to who’s to blame here, I think that the greed and avarice that has long been present in Silicon Valley has come home to roost,” Keith Fitz-Gerald, a trader, was quoted as saying by CNBC. Questions raised on the US regulators Analysts cited in the US media say that the regulators have been asleep at the wheel. This is because the Silicon Valley Bank relied heavily on corporate deposits and not much on retail and holding a large proportion of assets in loans and securities. This exact aspect of the Silicon Valley Bank’s functioning made it more prone to collapse. “I would submit that not only are they (the US Feds) complicit, they had a hand in designing this mess...SVB did what they needed to do, arguably, within the structure of rules that are the problem. So, to me, it’s the system that’s broken, or at least needs to be seriously reviewed here,” Keith Fitz-Gerald said. ALSO WATCH | HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch × “I am personally flabbergasted that the system is what it is today and that this stuff was allowed to happen,” he said. “Where were the regulators? Where were the auditors? I think there’s going to be very serious questions asked about how the rating systems work. Why were these banks allowed to take on assets when they should have been backing their deposits?” Fitz-Gerald asked. “That is a fundamental issue that has got to come to the forefront now. We can’t ignore it and kick the can down the road. I think it’s an embarrassment to the US Federal Reserve. I think it’s an embarrassment to the banking regulators, frankly.” ‘Stupid risks’ were at play Investor Michael Burry attributed the Silicon Valley Bank’s collapse to what he called the ‘stupid risks’ taken by the ‘people full of hubris’. “2000, 2008, 2023, it is always the same,” Burry, who founded the hedge fund Scion Asset Management was quoted as saying. “People full of hubris and greed take stupid risks, and fail. Money is then printed. Because it works so well.” The aftermath Gold has witnessed early decline after US consumer price data came in line with expectations. The yellow metal is reportedly holding above the price of $1,900 an ounce after more than a five per cent surge over the previous three sessions, Bloomberg reported. The oil prices rose from their lowest close in three months, with the West Texas Intermediate approaching $72 per barrel after losing seven per cent over the previous two sessions. Global accounting firm KPMG said it stands behind its audits of Silicon Valley Bank and Signature Bank, the Financial Times reported. The firm's US boss Paul Knopp said that the audit work considered all the facts available at the time and that the market-driven events led to the banks' failures. The SVB has now filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection while it continues to scramble to seek buyers for the assets it is left with. Before that as well the company had mentioned that they were planning to look at strategic alternatives for its businesses which included SVB Capital and SVB Securities. However, the two aforementioned holding companies' funds and general partner entities are not a part of its reorganisation-related filing. Meanwhile, the White House is carefully monitoring developments at First Republic and other smaller banks after actions to protect the depositors following SVB's collapse. This comes a day after Moody's Investors Service downgraded First Republic Bank and five other lenders, citing concerns over their reliance on uninsured deposit funding and losses in the asset portfolios. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained | Silicon Valley Bank crisis: Did US central bank miss headwinds?

Calling for an independent probe into the Silicon Valley Bank (SVB) collapse, US Senator Elizabeth Warren on Sunday (March 19) said that banking regulations needed to be tougher. She took specific aim at the head of Federal Reserve Bank of San Francisco which was responsible for the oversight of SVB. Warren was speaking in an interview with ABC News.

During the interview, she said that the approach of "stepping in when these giant banks get into trouble" should change.

Democrat Warren sent a letter to the inspectors general of the US Treasury Department, the Federal Deposit Insurance Corp (FDIC) and the Federal Reserve on Sunday, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month.

California regulators shuttered Silicon Valley Bank on March 10 and appointed FDIC as receiver. It was the largest U.S. bank collapse since Washington Mutual went bust during the financial crisis of 2008. On Friday, the bank's parent, SVB Financial Group, said it filed for Chapter 11 bankruptcy protection.

US prosecutors are investigating the SVB collapse, a source familiar with the matter told Reuters last week.

Financial stocks lost billions of dollars in value since Silicon Valley Bank and Signature Bank collapsed this month. President Joe Biden said on Friday the banking crisis has calmed down. He also promised Americans that their deposits are safe.

The inspectors general for the Treasury, Fed, and FDIC should deliver a preliminary report to Congress in 30 days, Warren said in her letter.

(With inputs from agencies)

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Calling for an independent probe into the Silicon Valley Bank (SVB) collapse, US Senator Elizabeth Warren on Sunday (March 19) said that banking regulations needed to be tougher.

Calling for an independent probe into the Silicon Valley Bank (SVB) collapse, US Senator Elizabeth Warren on Sunday (March 19) said that banking regulations needed to be tougher. She took specific aim at the head of Federal Reserve Bank of San Francisco which was responsible for the oversight of SVB. Warren was speaking in an interview with ABC News. During the interview, she said that the approach of "stepping in when these giant banks get into trouble" should change. Democrat Warren sent a letter to the inspectors general of the US Treasury Department, the Federal Deposit Insurance Corp (FDIC) and the Federal Reserve on Sunday, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month. California regulators shuttered Silicon Valley Bank on March 10 and appointed FDIC as receiver. It was the largest U.S. bank collapse since Washington Mutual went bust during the financial crisis of 2008. On Friday, the bank's parent, SVB Financial Group, said it filed for Chapter 11 bankruptcy protection. US prosecutors are investigating the SVB collapse, a source familiar with the matter told Reuters last week. Financial stocks lost billions of dollars in value since Silicon Valley Bank and Signature Bank collapsed this month. President Joe Biden said on Friday the banking crisis has calmed down. He also promised Americans that their deposits are safe. The inspectors general for the Treasury, Fed, and FDIC should deliver a preliminary report to Congress in 30 days, Warren said in her letter. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Banking regulations need to be tougher, says Elizabeth Warren

After Sunday's merger agreement of Credit Suisse and UBS, the global central banks are setting off to cater to the credit flow challenges.&nbsp;Many central banks including Bank of England are now scrambling to boost the cash flow after growing concerns gripped US banking sector.&nbsp;&nbsp;

The US dollar liquidity "swap line" arrangement will kick off from Monday. As per US federal reserve, the swap lines are designed to improve liquidity conditions in dollar funding markets in the US and across the globe. With the help of swap line arrangement global central banks get the capacity to deliver US dollar funding to institutions in their jurisdictions, in times of market stress.

Also Read | <a href="https://www.wionews.com/world/one-arrested-after-khalistani-extremists-vandalised-indian-high-commission-in-uk-573718">One arrested after Khalistani extremists vandalise Indian High Commission in UK</a>

Bank of England, Bank of Canada, Bank of Japan, US Federal Reserve, the European Central Bank, and Swiss National Bank initiated a joint action to ease strains.&nbsp;

The UBS-Credit Suisse merger deal was brought about after intervention of the Swiss bank. The official statement said that the deal was necessary for the survival of struggling Credit Suisse.&nbsp;The deal was finalized in accordance with the emergency ordinance issued by the Swiss Federal Council wherein the merger was implemented without approval of the shareholders.&nbsp;

The announcement by the central banks is an "important backstop to ease strains in global funding markets." The move will reduce the affect on the supply of credit to households and businesses.

Also Read | <a href="https://www.wionews.com/world/south-african-investigator-cloete-murray-who-looked-into-state-corruptions-shot-dead-573769">South African investigator Cloete Murray, who looked into state corruptions, shot dead</a>

British banks will have the option of borrowing directly from the Bank of England, which will borrow money from the US Federal Reserve, rather than the open market. The same will apply to banks in the US, Canada, Japan, Switzerland, and the Eurozone. This financing will be available to banks on daily basis.

This kind of arrangement was initiated earlier also at the time of&nbsp;2008 financial crisis and the Covid pandemic. The swap line will continue "at least through the end of April", as per the Bank of England.

Watch | <a href="https://www.wionews.com/videos/after-iran-saudi-pact-china-to-play-peacemaker-in-ukraine-war-573689">After Iran-Saudi pact, China to play peacemaker in Ukraine war?</a>

Silicon Valley Bank collapse was the worst US banking collapse since 2008. US President Joe Biden gave assurances that US banking system is safe however, the SVB collapse cut open many vulnerabilities as the global banking stocks continued to tumble.&nbsp;

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After Sunday's merger agreement of Credit Suisse and UBS, the global central banks are setting off to cater to the credit flow challenges. Many central banks including Bank of England are now scrambling to boost the cash flow after growing concerns gripped US banking sector.

After Sunday's merger agreement of Credit Suisse and UBS, the global central banks are setting off to cater to the credit flow challenges. Many central banks including Bank of England are now scrambling to boost the cash flow after growing concerns gripped US banking sector. The US dollar liquidity "swap line" arrangement will kick off from Monday. As per US federal reserve, the swap lines are designed to improve liquidity conditions in dollar funding markets in the US and across the globe. With the help of swap line arrangement global central banks get the capacity to deliver US dollar funding to institutions in their jurisdictions, in times of market stress. Also Read | One arrested after Khalistani extremists vandalise Indian High Commission in UK Bank of England, Bank of Canada, Bank of Japan, US Federal Reserve, the European Central Bank, and Swiss National Bank initiated a joint action to ease strains. The UBS-Credit Suisse merger deal was brought about after intervention of the Swiss bank. The official statement said that the deal was necessary for the survival of struggling Credit Suisse. The deal was finalized in accordance with the emergency ordinance issued by the Swiss Federal Council wherein the merger was implemented without approval of the shareholders. The announcement by the central banks is an "important backstop to ease strains in global funding markets." The move will reduce the affect on the supply of credit to households and businesses. Also Read | South African investigator Cloete Murray, who looked into state corruptions, shot dead British banks will have the option of borrowing directly from the Bank of England, which will borrow money from the US Federal Reserve, rather than the open market. The same will apply to banks in the US, Canada, Japan, Switzerland, and the Eurozone. This financing will be available to banks on daily basis. This kind of arrangement was initiated earlier also at the time of 2008 financial crisis and the Covid pandemic. The swap line will continue "at least through the end of April", as per the Bank of England. Watch | After Iran-Saudi pact, China to play peacemaker in Ukraine war? Silicon Valley Bank collapse was the worst US banking collapse since 2008. US President Joe Biden gave assurances that US banking system is safe however, the SVB collapse cut open many vulnerabilities as the global banking stocks continued to tumble. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Credit Suisse, UBS merger sets off central banks catering to bolster cash flow

Indian economic and banking systems are strong and won't be affected by the turmoil currently rocking global markets, said Prime Minister Narendra Modi on Saturday during a conclave.&nbsp;

"Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," Modi said at an India Today gathering.

His comments were made amid global economic turmoil after the recent collapse of two American banks—Signature Bank and Silicon Valley Bank.&nbsp;&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/japanese-pm-fumio-kishida-in-india-focus-on-indo-pacific-bodhi-tree-visit-and-strengthening-partnership-573524">Japanese PM Fumio Kishida in India: Focus on Indo-Pacific, Bodhi Tree visit and strengthening partnership</a>&nbsp;

The authorities have rescued lenders on the edge but the collapse caused a sharp decline in banking stocks worldwide and also led to massive concerns over the global financial system.&nbsp;

In a veiled reference to the ongoing Bharatiya Janata Party (BJP)'s intense attack on Congress leader Rahul Gandhi for his criticism during a lecture in a UK university, PM Modi further said that the success of India's democracy and its institutions is hurting some people and that is why they are attacking it.

WATCH |&nbsp;S Jaishankar says 'Situation stands fragile' on India-China relationship&nbsp;

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The Indian prime minister also hailed the strength of the country's various institutions. He said that this strength has led to increasing participation of people in elections, the successful conduct of many polls during COVID-19, a strong economy and banking system amid a global crisis, and the administration of more than 220 crore vaccine doses against the coronavirus.&nbsp;

During the conclave, he said, "Whatever India is achieving today, it is due to the power of our democracy, the power of our institutions. It seems to me that this success is hurting some people and that is why they are attacking our democracy and institutions."&nbsp;

(With inputs from agencies)&nbsp; 
 
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Indian economic and banking systems are strong and won't be affected by the turmoil currently rocking global markets, said Prime Minister Narendra Modi on Saturday during a conclave.

Indian economic and banking systems are strong and won't be affected by the turmoil currently rocking global markets, said Prime Minister Narendra Modi on Saturday during a conclave. "Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," Modi said at an India Today gathering. His comments were made amid global economic turmoil after the recent collapse of two American banks—Signature Bank and Silicon Valley Bank. ALSO READ | Japanese PM Fumio Kishida in India: Focus on Indo-Pacific, Bodhi Tree visit and strengthening partnership The authorities have rescued lenders on the edge but the collapse caused a sharp decline in banking stocks worldwide and also led to massive concerns over the global financial system. In a veiled reference to the ongoing Bharatiya Janata Party (BJP)'s intense attack on Congress leader Rahul Gandhi for his criticism during a lecture in a UK university, PM Modi further said that the success of India's democracy and its institutions is hurting some people and that is why they are attacking it. WATCH | S Jaishankar says 'Situation stands fragile' on India-China relationship × The Indian prime minister also hailed the strength of the country's various institutions. He said that this strength has led to increasing participation of people in elections, the successful conduct of many polls during COVID-19, a strong economy and banking system amid a global crisis, and the administration of more than 220 crore vaccine doses against the coronavirus. During the conclave, he said, "Whatever India is achieving today, it is due to the power of our democracy, the power of our institutions. It seems to me that this success is hurting some people and that is why they are attacking our democracy and institutions." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid global economic turmoil, PM Modi says India’s economic and banking systems are strong

The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse.

The total outstanding amount of all advances under the Bank Term Funding Programme reached $11.9 billion by Wednesday, the US central bank announced in a statement on Thursday.

The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday (March 12) night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California's SVB.

The new liquidity facility made additional funding available "to help assure banks have the ability to meet the needs of all their depositors," the statement read.

According to data made available on Thursday (March 16), the Fed drew an additional $152 billion in short-term borrowing for banks from its standing loan window, the traditional liquidity backstop for lenders, a dramatic increase against the roughly $5 billion from the previous week.

And with the seizure of failed SVB and Signature Bank, a second regional-size lender that collapsed at the weekend, an additional $142.8 billion was poured into the bridge banks created by regulators for the two collapsed entities, pushing the Fed's balance sheet up by about $300 billion in the past week.&nbsp;

US authorities moved swiftly to protect depositors at SVB and Signature Bank as they saw "serious risk of contagion" that could have triggered runs on many banks, Treasury Secretary Janet Yellen told senators in Congress on Thursday.

In the days since SVB's failure, a number of regional lenders led by First Republic Bank have seen their share prices plummet on concerns about their long-term financial health.

But markets responded positively after consortium of 11 of America's biggest banks, including Bank of America, Goldman Sachs and JPMorgan Chase,&nbsp;announced Thursday that they were depositing $30 billion into First Republic.

The group said in a statement that their actions reflect "confidence in the country's banking system." 
 
(With inputs from agencies)

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The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse.

The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse. The total outstanding amount of all advances under the Bank Term Funding Programme reached $11.9 billion by Wednesday, the US central bank announced in a statement on Thursday. The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday (March 12) night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California's SVB. The new liquidity facility made additional funding available "to help assure banks have the ability to meet the needs of all their depositors," the statement read. According to data made available on Thursday (March 16), the Fed drew an additional $152 billion in short-term borrowing for banks from its standing loan window, the traditional liquidity backstop for lenders, a dramatic increase against the roughly $5 billion from the previous week. And with the seizure of failed SVB and Signature Bank, a second regional-size lender that collapsed at the weekend, an additional $142.8 billion was poured into the bridge banks created by regulators for the two collapsed entities, pushing the Fed's balance sheet up by about $300 billion in the past week. US authorities moved swiftly to protect depositors at SVB and Signature Bank as they saw "serious risk of contagion" that could have triggered runs on many banks, Treasury Secretary Janet Yellen told senators in Congress on Thursday. In the days since SVB's failure, a number of regional lenders led by First Republic Bank have seen their share prices plummet on concerns about their long-term financial health. But markets responded positively after consortium of 11 of America's biggest banks, including Bank of America, Goldman Sachs and JPMorgan Chase, announced Thursday that they were depositing $30 billion into First Republic. The group said in a statement that their actions reflect "confidence in the country's banking system." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Federal Reserve lent US banks nearly $12 billion for a year to ease stress after SVB collapse

The parent company of Silicon Valley Bank filed for bankruptcy protection after regulators seized the company's banking unit as concern spread among its long-standing clientele of tech startups.&nbsp;

In a Chapter 11 petition filed&nbsp;in New York, SVB Financial Group listed assets and liabilities totalling up to $10 billion each, as per a Bloomberg report.&nbsp;

Silicon Valley Bank was placed in Federal Deposit Insurance Corp. receivership because it is a commercial bank with a charter from the State of California and is a member of the Federal Reserve system rather than filing for bankruptcy. Yet, its parent company is allowed to file for bankruptcy preotection in order to safeguard its remaining assets and begin working to pay back creditors, including bondholders.&nbsp;

The venture capital arm of SVB Capital and the broker-dealer SVB Securities are not mentioned in the filing, a statement claims.

SVB, based in Santa Clara, California, had nearly $209 billion in assets as of the end of last year, making it the largest bank to collapse in more than 10&nbsp;years, according to the FDIC. Aside from Washington Mutual Inc., which collapsed in 2008, it is also the second-largest bank to be placed under receivership by the FDIC, reported Moneycontrol.&nbsp;

ALSO WATCH |&nbsp;India startups have deposits worth $1 bn in SVB | Tech It Out

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Tech industry's concerns increased in March after Peter Thiel's Founders Fund and other prominent venture capital firms recommended their portfolio companies to withdraw cash from the bank. After suffering a substantial loss on its portfolio, the bank's parent firm stated the following day that it would attempt to raise more than $2 billion.&nbsp;

As per a&nbsp;statement from the bank's 20th anniversary, Bill Biggerstaff and Robert Medearis' poker game resulted in the founding of Silicon Valley Bank in 1983. The company has concentrated on providing financial services to tech startups ever since it was founded.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/explained-silicon-valley-bank-crisis-did-us-central-bank-miss-headwinds-572334">Explained | Silicon Valley Bank crisis: Did US central bank miss headwinds?</a>

The parent firm had $475 million in other assets, $2.3 billion in cash, and $500 million in investment securities as of December 31. Its long-term debt at the time was around $3.4 billion.&nbsp;

(With inputs from agencies) 
 
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The parent company of Silicon Valley Bank filed for bankruptcy protection after regulators seized the company's banking unit as concern spread among its long-standing clientele of tech startups.

The parent company of Silicon Valley Bank filed for bankruptcy protection after regulators seized the company's banking unit as concern spread among its long-standing clientele of tech startups. In a Chapter 11 petition filed in New York, SVB Financial Group listed assets and liabilities totalling up to $10 billion each, as per a Bloomberg report. Silicon Valley Bank was placed in Federal Deposit Insurance Corp. receivership because it is a commercial bank with a charter from the State of California and is a member of the Federal Reserve system rather than filing for bankruptcy. Yet, its parent company is allowed to file for bankruptcy preotection in order to safeguard its remaining assets and begin working to pay back creditors, including bondholders. The venture capital arm of SVB Capital and the broker-dealer SVB Securities are not mentioned in the filing, a statement claims. SVB, based in Santa Clara, California, had nearly $209 billion in assets as of the end of last year, making it the largest bank to collapse in more than 10 years, according to the FDIC. Aside from Washington Mutual Inc., which collapsed in 2008, it is also the second-largest bank to be placed under receivership by the FDIC, reported Moneycontrol. ALSO WATCH | India startups have deposits worth $1 bn in SVB | Tech It Out Tech industry's concerns increased in March after Peter Thiel's Founders Fund and other prominent venture capital firms recommended their portfolio companies to withdraw cash from the bank. After suffering a substantial loss on its portfolio, the bank's parent firm stated the following day that it would attempt to raise more than $2 billion. As per a statement from the bank's 20th anniversary, Bill Biggerstaff and Robert Medearis' poker game resulted in the founding of Silicon Valley Bank in 1983. The company has concentrated on providing financial services to tech startups ever since it was founded. ALSO READ | Explained | Silicon Valley Bank crisis: Did US central bank miss headwinds? The parent firm had $475 million in other assets, $2.3 billion in cash, and $500 million in investment securities as of December 31. Its long-term debt at the time was around $3.4 billion. (With inputs from agencies) WATCH WION LIVE HERE:

SVB Financial, parent firm of Silicon Valley Bank, files for bankruptcy protection

European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse.

Large U.S. banks on Thursday swooped in to rescue the San Francisco-based bank, which was caught up in a widening shock triggered by the collapse of two other mid-size U.S. lenders.

The rescue package came less than a day after Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Shares in Switzerland’s second-largest bank were lower in Friday morning trading.

The two deals helped restore some calm to global markets, after a torrid week for banking stocks.

“The Supervisory Board is meeting to exchange views and to provide members with an update on recent developments in the banking sector,” an ECB spokesperson told Reuters.

The ECB, which on Thursday raised interest rates by 50 basis points, held another ad hoc supervisory board meeting earlier this week in an unusual move ahead of a scheduled gathering next week.

“French and European banks are very solid,” ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio.

Analysts says authorities appear eager to quickly deal with systemic risks, but worry the potential for a full-blown banking crisis is far from over.

Data on Thursday showed banks in the United States sought record amounts of emergency liquidity from the Fed in recent days, driving up the size of the central bank’s balance sheet after months of contraction.

The First Republic deal was put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JP Morgan Chase CEO Jamie Dimon, who had discussed the package this week, a source familiar with the situation said.

“They will keep the money in First Republic to keep it alive for self interest … to stop the run on banks. Then they will take it away gradually and the bank will play out a slow death,” Mathan Somasundaram, founder at research firm Deep Data Analytics in Sydney, said on Friday.

But while First Republic’s stock closed up 10% on news of the rescue, its shares fell 17% in after-market trading after the bank said it would suspend its dividend and disclosed its cash position and just how much emergency liquidity it needed.

Some of the biggest U.S. banking names including JP Morgan Chase &amp; Co, Citigroup Inc, Bank of America Corp, Wells Fargo &amp; Co, Goldman Sachs and Morgan Stanley were involved in the rescue, according to a statement from the banks.

While the support has prevented an imminent collapse, investors were startled by late disclosures about First Republic’s cash position, even after the injection, and just how much it and others leaned on the Fed this month for support.

“People are concerned that the contagion risk is real, and that rattles confidence,” said Karen Jorritsma, head of Australian equities, RBC Capital Markets.

“I don’t think we are in the crux of a global financial crisis. Balance sheets are much better than they were in 2008, banks are better regulated,” she added.

Credit Suisse became the first major global bank to take up an emergency lifeline since the 2008 financial crisis amid doubts over whether central banks will be able to sustain aggressive rate hikes to rein in inflation.

Lessons from 2008

For now, authorities are confident the banking system is resilient and have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available.

The ECB pressed forward with its rate hike, arguing that euro zone banks were in good shape and that if anything, the move to higher rates should bolster their margins.

Focus now swings to the Fed’s policy decision next week and whether it will stick with its aggressive interest rate hikes as it seeks to get inflation under control.

In Asia, Singapore, Australia and New Zealand said they were monitoring financial markets but were confident their local banks were well capitalised and able to withstand major shocks.

While capital remains adequate, analysts say a A$300 billion ($201 billion) refinancing task for Australia’s biggest banks is about to get harder, as appetite for new debt shrinks.

Japan’s finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system.

European banks have lost around $165 billion in market value since March 8, Refinitiv data shows. 
 
(With inputs from agencies) 
 
&nbsp;

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European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse.

European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse. Large U.S. banks on Thursday swooped in to rescue the San Francisco-based bank, which was caught up in a widening shock triggered by the collapse of two other mid-size U.S. lenders. The rescue package came less than a day after Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Shares in Switzerland’s second-largest bank were lower in Friday morning trading. The two deals helped restore some calm to global markets, after a torrid week for banking stocks. “The Supervisory Board is meeting to exchange views and to provide members with an update on recent developments in the banking sector,” an ECB spokesperson told Reuters. The ECB, which on Thursday raised interest rates by 50 basis points, held another ad hoc supervisory board meeting earlier this week in an unusual move ahead of a scheduled gathering next week. “French and European banks are very solid,” ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio. Analysts says authorities appear eager to quickly deal with systemic risks, but worry the potential for a full-blown banking crisis is far from over. Data on Thursday showed banks in the United States sought record amounts of emergency liquidity from the Fed in recent days, driving up the size of the central bank’s balance sheet after months of contraction. The First Republic deal was put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JP Morgan Chase CEO Jamie Dimon, who had discussed the package this week, a source familiar with the situation said. “They will keep the money in First Republic to keep it alive for self interest … to stop the run on banks. Then they will take it away gradually and the bank will play out a slow death,” Mathan Somasundaram, founder at research firm Deep Data Analytics in Sydney, said on Friday. But while First Republic’s stock closed up 10% on news of the rescue, its shares fell 17% in after-market trading after the bank said it would suspend its dividend and disclosed its cash position and just how much emergency liquidity it needed. Some of the biggest U.S. banking names including JP Morgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs and Morgan Stanley were involved in the rescue, according to a statement from the banks. While the support has prevented an imminent collapse, investors were startled by late disclosures about First Republic’s cash position, even after the injection, and just how much it and others leaned on the Fed this month for support. “People are concerned that the contagion risk is real, and that rattles confidence,” said Karen Jorritsma, head of Australian equities, RBC Capital Markets. “I don’t think we are in the crux of a global financial crisis. Balance sheets are much better than they were in 2008, banks are better regulated,” she added. Credit Suisse became the first major global bank to take up an emergency lifeline since the 2008 financial crisis amid doubts over whether central banks will be able to sustain aggressive rate hikes to rein in inflation. Lessons from 2008 For now, authorities are confident the banking system is resilient and have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available. The ECB pressed forward with its rate hike, arguing that euro zone banks were in good shape and that if anything, the move to higher rates should bolster their margins. Focus now swings to the Fed’s policy decision next week and whether it will stick with its aggressive interest rate hikes as it seeks to get inflation under control. In Asia, Singapore, Australia and New Zealand said they were monitoring financial markets but were confident their local banks were well capitalised and able to withstand major shocks. While capital remains adequate, analysts say a A$300 billion ($201 billion) refinancing task for Australia’s biggest banks is about to get harder, as appetite for new debt shrinks. Japan’s finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments. Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system. European banks have lost around $165 billion in market value since March 8, Refinitiv data shows. (With inputs from agencies) WATCH WION LIVE HERE

European Central Bank meets over banking stress as US rescue eases immediate fears

UK&nbsp;government's Spring Budget was presented by finance minister Jeremy Hunt on Wednesday.&nbsp;Hunt said in a lengthy speech that the independent Office for Budget Responsibility had revised its prediction that the UK economy will not experience a technical recession in 2023. Moreover, a new infliction point has reached in war on Tuesday. A US drone plummeted into the Black Sea reportedly after colliding with Russian fighter planes. The US accused Moscow of acting recklessly. Russian planes are said to have dropped fuel into the drone's route before the crash, which the US claims was in international airspace.&nbsp;

Amoung other news, Tim Mayopoulos, the newly appointed Chief Executive Officer&nbsp;of SVB, declared that the Silicon Valley Bank is back open for business, opening new accounts and making new loans. When the collapse of Silicon Valley Bank threatened to spark a wider financial crisis, U.S. regulators took immediate action on Sunday to bolster trust in the banking system.

Click on the headlines to read more:

<a href="https://www.wionews.com/world/spring-budget-live-uk-to-unveil-cost-of-living-budget-after-shocks-of-brexit-covid-war-and-mass-strikes-572295">Spring Budget: UK unveils £94bn cost-of-living budget package</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338949-jeremy-hunt.png?imwidth=1920" />

Jeremy Hunt unveiled the budget as Britain said cost-of-living support for this year and next will total £94 billion ($114 billion). As per the government, the forecast is that the economy would avoid recession this year as inflation slows sharply.&nbsp;

<a href="https://www.wionews.com/world/russias-ambassador-to-us-warns-washington-to-stop-flights-near-his-countrys-border-572209">Russia’s ambassador to US warns Washington to stop ‘hostile’ flights near its border</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338867-untitled-design-2023-03-15t140139055.png?imwidth=1920" />

The downing of a US intelligence drone in the Black Sea has once again created a tiff between the US and Russia, with both countries giving different accounts of the incident. The United States said Tuesday that one of its MQ-9 "Reaper" intelligence and surveillance drones was struck by a Russian Su-27 fighter. "Several times before the collision, the Su-27s dumped fuel on, and flew in front of the MQ-9 in a reckless, environmentally unsound and unprofessional manner," James B. Hecker, commander of U.S. Air Forces Europe and Air Forces Africa, said.

<a href="https://www.wionews.com/business-economy/silicon-valley-bank-live-moodys-cut-its-outlook-for-the-banking-sector-to-negative-572146">Silicon Valley Bank now 'open to business', says new CEO</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338822-untitled-design-2023-03-13t160157174.png?imwidth=1920" />

Tim Mayopoulos, the newly appointed Chief Executive Officer&nbsp;of SVB, declared that the Silicon Valley Bank is back open for business, opening new accounts and making new loans. Earlier, Mayopoulos&nbsp;served as the CEO of Fannie Mae and is credited to have brought it back to profitability after the 2008 financial crisis.

<a href="https://www.wionews.com/business-economy/tiktok-mulls-over-separation-from-parent-company-bytedance-572290">TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338909-new-wion-43.png?imwidth=1920" />

Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses.

<a href="https://www.wionews.com/south-asia/imran-khan-flags-london-plan-in-veiled-attack-against-nawaz-sharif-572178">Imran Khan flags 'London plan' in veiled attack against Nawaz Sharif</a>

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338845-untitled-design-9.jpg?imwidth=1920" />

Former Pakistan Prime Minister Imran Khan accused the "establishment" of planning his arrest, claiming that it's all part of a 'London plan', in a veiled attack against his political foe Nawaz Sharif who has been stationed in London since November 2019. The comments came as tensions skyrocketed in Lahore in the early hours of Wednesday despite Khan's claim that he will appear before the Lahore High Court on March 18.

<a href="https://www.wionews.com/world/china-comes-up-with-20-recommendations-to-encourage-families-to-have-more-children-572313">Experts in China draft 20 new incentives to encourage families for having more babies</a>

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338918-untitled-design-36.png?imwidth=1920" />

Political advisers to the Chinese government have made over 20 recommendations to increase the birth rates in the country at the annual meeting of China's People's Political Consultative Conference (CPPCC) this month. This move seems to be China's act of desperation to address its dwindling population.

<a href="https://www.wionews.com/india-news/keeping-up-with-protocol-india-invites-pakistan-to-sco-defence-and-nsa-meetings-572287">Keeping up with protocol, India invites Pakistan to SCO defence and NSA meetings</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338461-sco.png?imwidth=1920" />

India, as the current chair of the Shanghai Cooperation Organisation (SCO), has extended invitations to Pakistan and China to attend several ministerial meetings of the grouping as per standard protocol. These include the SCO Defence Ministers meeting scheduled for 27th April in Delhi, as well as the National Security Advisors meeting set for March 29. Invite has been dished out for home ministers meet, even as New Delhi is in the process of extending the invite for other key meetings.&nbsp;

<a href="https://www.wionews.com/south-asia/strikes-grip-sri-lanka-as-unions-protest-against-rise-in-taxes-572212">Strikes grip Sri Lanka as unions protest against rise in taxes</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338865-untitled-design-2023-03-15t135408430.png?imwidth=1920" />

Sri Lanka was in the grips of mass protests Wednesday as trade unions protested against the doubling of taxes to qualify for a crucial International Monetary Fund (IMF) bailout. The day-long strike is being held by Sri Lankan health, railway, port and other state workers. There has been a sharp increase in income taxes and electricity charges in the island nation as it awaits approval of an International Monetary Fund package to aid its bankrupt economy.

<a href="https://www.wionews.com/world/idi-amin-car-reaches-airport-to-disrupt-netanyahus-germany-visit-572358">Israel: 'Idi Amin car’ reaches airport to disrupt Netanyahu's Germany visit</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338941-untitled-design-37.png?imwidth=1920" />

Israeli army veterans are participating in a large demonstration at Ben-Gurion Airport to prevent prime minister Benjamin Netanyahu from leaving for Germany to a state-visit scheduled on Thursday.&nbsp;

<a href="https://www.wionews.com/entertainment/hollywood/news-ted-lasso-season-3-early-review-jason-sudeikis-series-remains-warm-and-cosy-but-the-inevitable-end-nears-572254">Ted Lasso season 3 early review: Jason Sudeikis series remains warm and cosy, but the inevitable end nears</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/15/338888-ted-lasso-season-3.png?imwidth=1920" />

In its second season, the writers of&nbsp;Ted Lasso&nbsp;proved that they were aware of criticisms of the first season centring around the show being just too sunny and wholesome. That felt nitpicking to me, as though a show being too nice were a bad thing, particularly in a world ravaged by the pandemic. However, the second time around, the Jason Sudeikis-led show was not only edgier, but it also turned out that seeds of the darker elements had been planted in the first season itself. The people behind the show were smart, after all. Now, the show's third season is here. Is it any good?

UK government's Spring Budget was presented by finance minister Jeremy Hunt on Wednesday. Hunt said in a lengthy speech that the independent Office for Budget Responsibility had revised its prediction that the UK economy will not experience a technical recession in 2023.

UK government's Spring Budget was presented by finance minister Jeremy Hunt on Wednesday. Hunt said in a lengthy speech that the independent Office for Budget Responsibility had revised its prediction that the UK economy will not experience a technical recession in 2023. Moreover, a new infliction point has reached in war on Tuesday. A US drone plummeted into the Black Sea reportedly after colliding with Russian fighter planes. The US accused Moscow of acting recklessly. Russian planes are said to have dropped fuel into the drone's route before the crash, which the US claims was in international airspace. Amoung other news, Tim Mayopoulos, the newly appointed Chief Executive Officer of SVB, declared that the Silicon Valley Bank is back open for business, opening new accounts and making new loans. When the collapse of Silicon Valley Bank threatened to spark a wider financial crisis, U.S. regulators took immediate action on Sunday to bolster trust in the banking system. Click on the headlines to read more: Spring Budget: UK unveils £94bn cost-of-living budget package Jeremy Hunt unveiled the budget as Britain said cost-of-living support for this year and next will total £94 billion ($114 billion). As per the government, the forecast is that the economy would avoid recession this year as inflation slows sharply. Russia’s ambassador to US warns Washington to stop ‘hostile’ flights near its border The downing of a US intelligence drone in the Black Sea has once again created a tiff between the US and Russia, with both countries giving different accounts of the incident. The United States said Tuesday that one of its MQ-9 "Reaper" intelligence and surveillance drones was struck by a Russian Su-27 fighter. "Several times before the collision, the Su-27s dumped fuel on, and flew in front of the MQ-9 in a reckless, environmentally unsound and unprofessional manner," James B. Hecker, commander of U.S. Air Forces Europe and Air Forces Africa, said. Silicon Valley Bank now 'open to business', says new CEO Tim Mayopoulos, the newly appointed Chief Executive Officer of SVB, declared that the Silicon Valley Bank is back open for business, opening new accounts and making new loans. Earlier, Mayopoulos served as the CEO of Fannie Mae and is credited to have brought it back to profitability after the 2008 financial crisis. TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses. Imran Khan flags 'London plan' in veiled attack against Nawaz Sharif Former Pakistan Prime Minister Imran Khan accused the "establishment" of planning his arrest, claiming that it's all part of a 'London plan', in a veiled attack against his political foe Nawaz Sharif who has been stationed in London since November 2019. The comments came as tensions skyrocketed in Lahore in the early hours of Wednesday despite Khan's claim that he will appear before the Lahore High Court on March 18. Experts in China draft 20 new incentives to encourage families for having more babies Political advisers to the Chinese government have made over 20 recommendations to increase the birth rates in the country at the annual meeting of China's People's Political Consultative Conference (CPPCC) this month. This move seems to be China's act of desperation to address its dwindling population. Keeping up with protocol, India invites Pakistan to SCO defence and NSA meetings India, as the current chair of the Shanghai Cooperation Organisation (SCO), has extended invitations to Pakistan and China to attend several ministerial meetings of the grouping as per standard protocol. These include the SCO Defence Ministers meeting scheduled for 27th April in Delhi, as well as the National Security Advisors meeting set for March 29. Invite has been dished out for home ministers meet, even as New Delhi is in the process of extending the invite for other key meetings. Strikes grip Sri Lanka as unions protest against rise in taxes Sri Lanka was in the grips of mass protests Wednesday as trade unions protested against the doubling of taxes to qualify for a crucial International Monetary Fund (IMF) bailout. The day-long strike is being held by Sri Lankan health, railway, port and other state workers. There has been a sharp increase in income taxes and electricity charges in the island nation as it awaits approval of an International Monetary Fund package to aid its bankrupt economy. Israel: 'Idi Amin car’ reaches airport to disrupt Netanyahu's Germany visit Israeli army veterans are participating in a large demonstration at Ben-Gurion Airport to prevent prime minister Benjamin Netanyahu from leaving for Germany to a state-visit scheduled on Thursday. Ted Lasso season 3 early review: Jason Sudeikis series remains warm and cosy, but the inevitable end nears In its second season, the writers of Ted Lasso proved that they were aware of criticisms of the first season centring around the show being just too sunny and wholesome. That felt nitpicking to me, as though a show being too nice were a bad thing, particularly in a world ravaged by the pandemic. However, the second time around, the Jason Sudeikis-led show was not only edgier, but it also turned out that seeds of the darker elements had been planted in the first season itself. The people behind the show were smart, after all. Now, the show's third season is here. Is it any good?

Top 10 world news: UK unveils £94bn cost-of-living budget package, SVB collapse aftershocks, and more

Banks in India have remained insulated from the financial upheaval in U.S. banks. How has this happened? Has the greater regulation by India's Central Bank saved Indian banks from risky loans? Also, has the Silicon Bank closure now resulted in a decade of winter for the start-ups? Mohammed Saleh gets you the details.

Gravitas: Indian banks weather Silicon Valley Bank meltdown

Just two days after the collapse of the Silicon Valley Bank, the Signature Bank based out of New York gets shut by U.S. regulators. But what has suddenly sparked this crisis in U.S. banks? Will it have a spill over effect on banks in other parts of the world? Mohammed Saleh gets you more details.

Gravitas: Will collapsing American banks spark recession?

After the collapse of Silicon Valley Bank, rating agency Moody's Investors Service has placed six other banks, including First Republic, on review for downgrade. Watch this report to know more.

SVB Collapse: Moody's to re-evaluate ratings of six banks

The US banking system is in chaos again as shares of the First Republic Bank (FRC) dropped 70 per cent in pre-market trading on Monday. This comes after Silicon Valley Bank (SVB), the financial organisation that dealt&nbsp;with only tech startups in the country, collapsed. The First Republic Bank on Friday closed 15 per cent lower at $81.76. This comes despite the FRC insisting its capital and liquidity are "very strong"&nbsp;and that regulators rolled out measures "designed to stabilise the finance industry in the US."

Regional banks' shares&nbsp;tumble&nbsp;

It was just not SVB and FRC, even other regional bank stocks tumbled, prompting trading halts. The FRC said it had access to some additional credit from Fed and JPMorgan Chase &amp; Co. (JPM) pointing out that "total available and unused liquidity to fund its operations is still over $70 billion."&nbsp;

Regional lenders Western Alliance Bancorp (WAL) declined 82 per cent and the PacWest Bancorp (PACW) tumbled by over half before trading was halted.&nbsp;

US President Joe Biden had earlier assured the country's banking system was safe but after the collapse of SVB and Signature Bank, he called for full accountability.

The Silicon Valley Bank was hit by one of the oldest problems in the banking industry- a bank run, which led to its failure. It was one of the largest failures of a financial organisation in the US after the collapse of Washington Mutual which occurred at the height of the financial crisis over a decade ago.&nbsp;

The SVB bank was hit by the downturn in technology stocks as well as when the Federal Reserve planned to increase its interest rates to combat inflation.&nbsp;

Due to the collapse of SVB, many startups that had ties to the lender scrambled to pay their workers and feared that they might have to pause their projects or lay off staff.

The SVB had bought bonds worth billion of dollars using its customers' deposits over the past few years.&nbsp;

These investments were typically considered to be safe, but the value of those investments fell because they paid lower interest rates than what today a bond would pay if issued in today’s higher interest rate environment. 
&nbsp;

The US banking system is in chaos again as shares of the First Republic Bank (FRC) dropped 70 per cent in pre-market trading on Monday. This comes after Silicon Valley Bank (SVB), the financial organisation that dealt with only tech startups in the country, collapsed.

The US banking system is in chaos again as shares of the First Republic Bank (FRC) dropped 70 per cent in pre-market trading on Monday. This comes after Silicon Valley Bank (SVB), the financial organisation that dealt with only tech startups in the country, collapsed. The First Republic Bank on Friday closed 15 per cent lower at $81.76. This comes despite the FRC insisting its capital and liquidity are "very strong" and that regulators rolled out measures "designed to stabilise the finance industry in the US." Regional banks' shares tumble It was just not SVB and FRC, even other regional bank stocks tumbled, prompting trading halts. The FRC said it had access to some additional credit from Fed and JPMorgan Chase & Co. (JPM) pointing out that "total available and unused liquidity to fund its operations is still over $70 billion." Regional lenders Western Alliance Bancorp (WAL) declined 82 per cent and the PacWest Bancorp (PACW) tumbled by over half before trading was halted. US President Joe Biden had earlier assured the country's banking system was safe but after the collapse of SVB and Signature Bank, he called for full accountability. The Silicon Valley Bank was hit by one of the oldest problems in the banking industry- a bank run, which led to its failure. It was one of the largest failures of a financial organisation in the US after the collapse of Washington Mutual which occurred at the height of the financial crisis over a decade ago. The SVB bank was hit by the downturn in technology stocks as well as when the Federal Reserve planned to increase its interest rates to combat inflation. Due to the collapse of SVB, many startups that had ties to the lender scrambled to pay their workers and feared that they might have to pause their projects or lay off staff. The SVB had bought bonds worth billion of dollars using its customers' deposits over the past few years. These investments were typically considered to be safe, but the value of those investments fell because they paid lower interest rates than what today a bond would pay if issued in today’s higher interest rate environment.

US: First Republic Bank drops 70% amid Silicon Valley Bank collapse, regional banks raise concern

The US banking crisis weighs on the broader markets, with global financial markets flashing red across the board and the slide in banking stocks deepens as contagion risks from the collapse of Silicon Valley Bank (SVB) rattles markets.

Over the weekend and Monday, the US Federal Reserve and the Treasury took steps to stabilise the banking system, but concerns over the fallout from the collapse of SVB persisted despite those actions by regulators.

Experts are now predicting more pain for global banks and the financial sector worldwide.

The dramatic collapse of Silicon Valley Bank in the United States led to frantic developments in Britain as authorities scrambled to take charge of the situation, a latest report has revealed.&nbsp;

A Reuters report claimed that at least half a dozen banks were looking to contact Silicon Valley Bank shortly after its collapse became the biggest debacle of a financial institution since the 2008 economic crisis.

<h2>HSBC's buyout of Silicon Valley Bank</h2>

On Monday, Europe's largest bank, HSBC, announced it was buying SVB UK.

SVB UK reportedly has assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds. The quick buyout reflected fiercely urgent concerns that SVB's potential failure could reverberate throughout the UK's start-up industry.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/an-indian-bank-became-a-victim-of-the-svb-collapse-in-the-most-unexpected-way-571519">An Indian bank became a victim of the SVB collapse in the most unexpected way</a>

"Whether HSBC's acquisition proves to be successful will largely come down to the asset quality of the loan book, which cannot be assumed to be good, given the early-stage nature of many of the borrowers," Jerry del Missier, former Chief Operating Officer at Barclays, and now Chief Investment Officer at Copper Street Capital, was quoted as saying by Reuters.&nbsp;

<h2>Bank of England considered seeking insolvency for SVB UK: Report</h2>

According to Reuters, the Bank of England, during its initial few hours of action, also sought insolvency in the event there was no buyer out there for SVB UK. The sense of uneasiness began because NatWest, SVB UK's clearing bank in Britain, had halted processing transactions, the report added.

The U.S. Federal Deposit Insurance Corporation had also shut off access to the parent company's technology platform, the report added while citing a relevant source. It simply meant that the potential bidders and treasury officials called both the FDIC and NatWest over the weekend to get SVB UK running again.

As the crisis deepened, on Sunday morning finance minister Jeremy Hunt sought to reassure Silicon Valley Bank's customers in Britain that the government was working on a solution.

<h2>The 30 minute deadline</h2>

As the Silicon Valley Bank crisis broke out, the United Kingdom Prime Minister Rishi Sunak was en route to San Diego on an over 15-hour long flight.

HSBC's team including CEO Noel Quinn and UK CEO Ian Stuart began closer scrutiny of SVB UK that afternoon, Reuters reported while citing a source familiar with the matter.

By early evening on Sunday, officials from the Treasury gave potential bidders a final 30 minutes to submit their offers.

Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks.

Meanwhile, in the United States, regulators moved to protect SVB depositors, as well as implementing wider measures to shore up confidence in the banking system.

<h2>Why did HSBC buy SVB UK?</h2>

This is because HSBC's CEO Noel Quinn was reportedly attracted by the potential to bring some 3,000 high-growth technology and startup clients all at once.

ALSO WATCH |&nbsp;HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch

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The purely nominal purchase price and SVB UK's underlying health meant the deal also made financial sense, Reuters reported while citing a source.&nbsp;

<h2>The biggest losers from SVB’s collapse</h2>

Sweden’s biggest pension fund, Alecta, is set to lose as much as $1.1 billion on bets it had made. However, according to Eurogroup President Paschal Donohoe, the euro zone has “limited exposure” to the fallout from the SVB’s collapse — and thereby will be able to manage the risks such as the current SVB crisis.&nbsp;

Shockwaves from the collapse of Silicon Valley Bank have further pounded global bank stocks on Tuesday. The assurances from the US President Joe Biden and other policymakers have reportedly done little to calm the markets down and have prompted a rethink on the interest rate outlook.

Biden's efforts to reassure markets and depositors came after emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide.

<h2>About Silicon Valley Bank’s Collapse</h2>

Silicon Valley Bank was founded in 1983 in Santa Clara, California. It soon emerged as a financial institution of choice for the tech sector.

As of 2021, the bank said that it was the primary financial institution for half of all US venture-backed startups and pitched itself as "financial partner of the innovation economy." All that basically means that it has&nbsp;been&nbsp;knitted into the financial infrastructure of the tech industry, especially the startups.

Silicon Valley Bank's collapse reportedly began&nbsp;in the second week of March. The bank takes deposits from clients and invests them in generally safe securities, such as bonds. As the Federal Reserve has increased interest rates, those bonds became a liability.

On Wednesday, March 8, SVB’s parent company, SVB Financial Group, said it would undertake a $2.25 billion share sale after selling $21 billion of securities from its portfolio at a nearly $2 billion loss. The move was meant to shore up its balance sheet. Instead, it spooked markets and clients, finally leading to its collapse.

(With inputs from agencies) 
 
&nbsp;

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The US banking crisis weighs on the broader markets, with global financial markets flashing red across the board and the slide in banking stocks deepens as contagion risks from the collapse of Silicon Valley Bank (SVB) rattles markets.

The US banking crisis weighs on the broader markets, with global financial markets flashing red across the board and the slide in banking stocks deepens as contagion risks from the collapse of Silicon Valley Bank (SVB) rattles markets. Over the weekend and Monday, the US Federal Reserve and the Treasury took steps to stabilise the banking system, but concerns over the fallout from the collapse of SVB persisted despite those actions by regulators. Experts are now predicting more pain for global banks and the financial sector worldwide. The dramatic collapse of Silicon Valley Bank in the United States led to frantic developments in Britain as authorities scrambled to take charge of the situation, a latest report has revealed. A Reuters report claimed that at least half a dozen banks were looking to contact Silicon Valley Bank shortly after its collapse became the biggest debacle of a financial institution since the 2008 economic crisis. HSBC's buyout of Silicon Valley Bank On Monday, Europe's largest bank, HSBC, announced it was buying SVB UK. SVB UK reportedly has assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds. The quick buyout reflected fiercely urgent concerns that SVB's potential failure could reverberate throughout the UK's start-up industry. ALSO READ | An Indian bank became a victim of the SVB collapse in the most unexpected way "Whether HSBC's acquisition proves to be successful will largely come down to the asset quality of the loan book, which cannot be assumed to be good, given the early-stage nature of many of the borrowers," Jerry del Missier, former Chief Operating Officer at Barclays, and now Chief Investment Officer at Copper Street Capital, was quoted as saying by Reuters. Bank of England considered seeking insolvency for SVB UK: Report According to Reuters, the Bank of England, during its initial few hours of action, also sought insolvency in the event there was no buyer out there for SVB UK. The sense of uneasiness began because NatWest, SVB UK's clearing bank in Britain, had halted processing transactions, the report added. The U.S. Federal Deposit Insurance Corporation had also shut off access to the parent company's technology platform, the report added while citing a relevant source. It simply meant that the potential bidders and treasury officials called both the FDIC and NatWest over the weekend to get SVB UK running again. As the crisis deepened, on Sunday morning finance minister Jeremy Hunt sought to reassure Silicon Valley Bank's customers in Britain that the government was working on a solution. The 30 minute deadline As the Silicon Valley Bank crisis broke out, the United Kingdom Prime Minister Rishi Sunak was en route to San Diego on an over 15-hour long flight. HSBC's team including CEO Noel Quinn and UK CEO Ian Stuart began closer scrutiny of SVB UK that afternoon, Reuters reported while citing a source familiar with the matter. By early evening on Sunday, officials from the Treasury gave potential bidders a final 30 minutes to submit their offers. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. Meanwhile, in the United States, regulators moved to protect SVB depositors, as well as implementing wider measures to shore up confidence in the banking system. Why did HSBC buy SVB UK? This is because HSBC's CEO Noel Quinn was reportedly attracted by the potential to bring some 3,000 high-growth technology and startup clients all at once. ALSO WATCH | HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch × The purely nominal purchase price and SVB UK's underlying health meant the deal also made financial sense, Reuters reported while citing a source. The biggest losers from SVB’s collapse Sweden’s biggest pension fund, Alecta, is set to lose as much as $1.1 billion on bets it had made. However, according to Eurogroup President Paschal Donohoe, the euro zone has “limited exposure” to the fallout from the SVB’s collapse — and thereby will be able to manage the risks such as the current SVB crisis. Shockwaves from the collapse of Silicon Valley Bank have further pounded global bank stocks on Tuesday. The assurances from the US President Joe Biden and other policymakers have reportedly done little to calm the markets down and have prompted a rethink on the interest rate outlook. Biden's efforts to reassure markets and depositors came after emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide. About Silicon Valley Bank’s Collapse Silicon Valley Bank was founded in 1983 in Santa Clara, California. It soon emerged as a financial institution of choice for the tech sector. As of 2021, the bank said that it was the primary financial institution for half of all US venture-backed startups and pitched itself as "financial partner of the innovation economy." All that basically means that it has been knitted into the financial infrastructure of the tech industry, especially the startups. Silicon Valley Bank's collapse reportedly began in the second week of March. The bank takes deposits from clients and invests them in generally safe securities, such as bonds. As the Federal Reserve has increased interest rates, those bonds became a liability. On Wednesday, March 8, SVB’s parent company, SVB Financial Group, said it would undertake a $2.25 billion share sale after selling $21 billion of securities from its portfolio at a nearly $2 billion loss. The move was meant to shore up its balance sheet. Instead, it spooked markets and clients, finally leading to its collapse. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Silicon Valley Bank meltdown: What, why and how?

Mutual funds managed by Morgan Stanley, Fidelity, and BlackRock have been hit hard by the recent collapse of Silicon Valley Bank and Signature Bank, according to Morningstar data.

US bank failures impact mutual fund portfolios

Israeli Prime Minister Benjamin Netanyahu said that the government would assess the effect of Silicon Valley Bank's collapse on Israeli companies and determine whether or not to assist them.

Israel to weigh action after Silicon Valley Bank collapse

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