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SVB collapse: US govt assures startups of access to accounts today

Reuters  

The US banking regulators have said that depositors at Silicon Valley Bank (SVB), which was shuttered Friday, would have access to their funds on Monday, putting to rest fears that startups would struggle to pay their employees this week. The bank's closure had followed interest rate hikes that hurt its startup customers and a failed capital raise attempt, spurring deposit withdrawals. A joint statement by the US Treasury Department and Federal Reserve indicated taxpayers would not bear any cost associated with the new plans around Silicon Valley Bank. However, shareholders and some unsecured creditors won't receive the same protections.