10 Facts: Silicon Valley Bank collapse

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[{"selector":"#anim-388ab6f9-d77e-4f7d-bb95-f9c3575042fd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(12.647058753333186%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-7c4b5cfe-4ce1-4b24-9fc2-6cad68efd612","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-92ef672d-a7d7-424b-996b-284711a0e2cd","keyframes":{"transform":["translate3d(0px, 131.44078%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7100b4c9-c596-4e92-baf2-e5750bf9b010","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a144b5d1-5fb4-4324-9b5d-c2071781fd15","keyframes":{"transform":["translate3d(-114.28571%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-861f6aa7-e376-4768-af46-72db2221d18e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1674cbbd-cdb7-474c-8a3f-daf4a05a0174","keyframes":{"transform":["translate3d(-119.00312%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image: unsplash.com Image: unsplash.com This is the biggest retail banking failure after the global financial crisis in 2008.

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This happened after 48 hours of dramatic stock falling

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Silicon Valley Bank was the biggest investor for high tech startups and they made alot from it

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Apart from that they have also invested in US Bonds but to reduce inflation, Govt raise interest rate that causes bond value down

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In a statement before a week they said they had lost around $2 Billion

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After the bank's closure, nearly $175 billion of customer deposits are under direct control of the Federal Deposit Insurance Corporation

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The FDIC has created a new bank, the National Bank of Santa Clara, new holder of all the assets of Silicon Valley Bank.

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The FDIC has assured depositors that there money is safe and they can access to deposits on Monday morning.

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