本帖最后由 匿名 于 2023-3-13 01:01 编辑
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Washington post
The Biden administration announced Sunday night that all depositors at the failed Silicon Valley Bank would have access to all their money on Monday morning, approving an extraordinary intervention aimed at averting a crisis in the financial markets.. From 1point 3acres bbs
Authorities said they were also extending protection to depositors of a second bank, Signature Bank of New York, which state regulators closed on Sunday as unease in the financial sector appeared to spread. Separately, the Federal Reserve announced that it was creating a lending facility for the nation’s banks, designed to buttress them against financial risks caused by Friday’s collapse of SVB.
Fed officials declined to provide a specific figure for the size of that new loan program, but made clear it would be large enough to cover trillions of dollars in potential requests.
The series of crisis maneuvers by federal authorities — announced just hours before the start of trading in Asia — reflected the fear that has rippled through the banking sector just a few days after the collapse of Silicon Valley Bank, which many financial experts thought initially was confined to one part of the economy..
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The decision by Treasury to backstop all of SVB’s deposits — not just those up to $250,000 that are automatically insured under federal law — will likely ignite a political firestorm over the decision to protect the assets of tech firms, venture capitalists, and other rich people in California.
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“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” a joint statement from the Treasury Department, the Fed and the Federal Deposit Insurance Corporation said. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”
On a call with reporters on Sunday evening, a senior Treasury official defended the administration’s decision as necessary to protect the stability of the banking system and emphasized that the move was aimed at protecting companies and workers who could be harmed by the bank’s collapse — not the bank’s shareholders or executives. The official spoke on the condition of anonymity to speak about internal deliberations, under the conditions of the call.
The Treasury official also said the decision to protect all deposits was made following a recommendation by the Federal Deposit Insurance Corporation and the Federal Reserve, the nation’s top banking regulators. President Biden was also consulted on the announcement.
Treasury Secretary Janet L. Yellen stressed in a statement that taxpayers would bear none of the burden of protecting the depositors. Their funds will be backstopped by a pool of money that is regularly paid into by U.S. banks, which has more than $100 billion in it.
The new Fed program will enable banks to pledge U.S. Treasuries and other safe government securities as collateral in return for loans of up to one year from the central bank.. check 1point3acres for more.
. 1point3acres.com
The initiative is aimed at resolving one of the problems that led to SVB’s failure: unrealized losses on government securities that the bank owned. As the Fed raised interest rates last year, the value of those securities fell.
Industry-wide, banks at the end of last year reported $620 billion in such paper losses, according to the FDIC.
Banks don’t lose money if they hold those treasuries until they mature. But if they must sell them to cover depositor withdrawals, the losses appear on their books.. 1point3acres.com
The loan terms are more generous than the bank’s traditional 90-day lending channel. The Fed will lend against the security’s original value rather than its depressed market value, thus potentially allowing banks to delay recognizing their losses for up to one year.
The new program, and the Fed’s support for the SVB and Signature measures, represent “classic central bank panic actions,” according to a Fed official, who briefed reporters on the condition of anonymity.
. 1point 3 acres
The assertions that the decisions do not amount to a “bailout,” however, are likely to be challenged by critics of the move. While the fund going to the depositors is paid into by U.S. banks, it is ultimately backstopped by the Treasury Department — and therefore U.S. taxpayers.
Treasury’s Exchange Stabilization Fund also will provide $25 billion to backstop the Fed loan program, though officials said the central bank “does not anticipate that it will be necessary to draw on these backstop funds.”
“Now is not the time for U.S. taxpayers to bail out Silicon Valley Bank. If there is a bailout of Silicon Valley Bank, it must be 100 percent financed by Wall Street and large financial institutions. We cannot continue down the road of more socialism for the rich and rugged individualism for everyone else,” said Sen. Bernie Sanders (I-Vt.) in a statement. |
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