US authorities announce will ‘fully’ protect depositors in collapsed SVB

(Photo via AFP)

US finance authorities announced a rescue plan Sunday that will ensure all depositors at failed Silicon Valley Bank will be able to “fully” retrieve their funds and that American taxpayers will not have to foot the bill.

“Depositors will have access to all of their money starting Monday, March 13,” said a joint statement by the US Treasury, the Federal Deposit Insurance Corporation, and the US Federal Reserve following days of scrambling to avert a broader financial knock-on effect with other institutions.

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