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Money & Investing

Silicon Valley Bank shut down

Regulators close the Californian lender after a run by depositors.

By the editors11 March 20233 min read

California regulators closed Silicon Valley Bank on 10 March 2023 and appointed the FDIC as receiver.

Customers had withdrawn large sums within a short time. The bank had been forced to realise losses on bonds whose value fell as rates rose.

The case raises questions about interest-rate risk management and the supervision of mid-sized banks.