Silicon Valley Bank resumes operation

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Silicon Valley Bank resumes operation

STORY: Silicon Valley Bank resumes operation DATELINE: March 14, 2023 LENGTH: 00:01:46 LOCATION: SAN FRANCISCO, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of people waiting outside SVB STORYLINE: The Silicon Valley Bank (SVB), the 16th largest bank in the United States, resumed operation on Monday. SVB's website has also been restored. The U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation on Sunday evening announced joint action to stabilize the U.S. banking system, in response to the collapse of two mid-sized lenders, California's Silicon Valley Bank and New York's Signature Bank. California authorities closed SVB on Friday after the tech-focused lender reported huge losses from securities sales, sparking a run on the bank's deposits. The SVB collapse is the largest bank failure since the collapse of U.S. savings and loan association Washington Mutual in 2008. Xinhua News Agency correspondents reporting from San Francisco, U.S. (XHTV)

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