A combination of federal agencies joined together to announce that all deposits managed by the failed Silicon Valley Bank will be available to customers Monday, adding security to the financial markets before the trading day starts in Japan, Politico reports.
The Federal Reserve, the Treasury Department and the Federal Deposit Insurance Corporation released a statement announcing they will guarantee all funds held by the bank, which regulators put up for auction with bids due mid-afternoon Sunday. Results of the auction were not announced, but the sale would help fortify the $175 billion in customer deposits. The agencies stated that no taxpayer money would be used to reimburse the accounts.