Fed, FDIC discussing backstop to make SVB depositors whole and stem contagion fears: Source
Andrew Harrer | Bloomberg | Getty Images
Financial regulators are discussing two different facilities to manage the fallout from the closure of Silicon Valley Bank if no buyer materializes, according to a source close to the situation. One way that the regulators would step in would be to create a backstop for uninsured deposits at Silicon Valley Bank, using an authority from the Federal Deposit Insurance Act, according to the source. Such a move could also spur confidence at similar institutions.
Another option would be a "general banking facility" from the Federal Reserve that would support other financials with exposure to SVB.
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