regulators approved plans Sunday to backstop both depositors and financial institutions associated with Silicon Valley Bank.
Officials will unwind both SVB and Signature Bank, ensuring that depositors will have full access to their funds on Monday.
The Federal Reserve stepped in with a separate facility that will provide loans up to one year for institutions impacted by the bank failures.
“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” leading regulators said in a joint statement.
Banking regulators devised a plan Sunday to backstop depositors with money at Silicon Valley Bank
a critical step in stemming a feared systemic panic brought on by the collapse of tech-focused institution.
