Days after the collapse of Silicon Valley Bank, the financial group’s UK arm is set to be declared insolvent. The Bank of England said that eligible depositors would be paid by the UKs deposit-insurance fund. According to an official statement, the UK’s finance minister has spoken to the governor of the Bank of England about the situation.
SVB UK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits,” a Reuters report quoted the central bank as saying.
According to the BOE statement, deposits are insured up to 85,000 ($102,000) or 170,000 for joint accounts.
Also read: Silicon Valley Bank crisis: Staff offered 45 days …
Read the full article at: https://www.livemint.com/news/world/silicon-valley-bank-crisis-group-s-uk-unit-set-to-be-declared-insolvent-11678544582374.html