Highlights

  • US government says no bailout for Silicon Valley Bank
  • Working to help depositors of SVB: US Treasury Secretary
  • Situation much different from the 2008 financial crisis: Janet Yellen

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No federal bailout for Silicon Valley Bank but working to help depositors: US Treasury Secretary

US Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

 

No federal bailout for Silicon Valley Bank but working to help depositors: US Treasury Secretary

The US government will not be bailing out Silicon Valley Bank, Treasury Secretary Janet Yellen has said in an interiew with CBS news network, AP reported on Sunday.

Emphasising that 'the American banking system is really safe and well capitalised', Yellen assured that there will be 'no domino effect this time' after the bank's collapse.

Yellen however has said that the government was working closely with banking regulators to help depositors at SVB.

SVB's collpase is the largest failure of a financial institution since Washington Mutual collapsed at the height of the financial crisis more than a decade ago.

Also watch: IT Minister to meet start-ups to assess Silicon Valley Bank's collapse impact

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