U.K. Offers Aid to Silicon Valley Bank Customers
- Date: 12-Mar-2023
- Source: The Wall Street Journal
- Sector:Financial Services
- Country:Saudi Arabia
U.K. Offers Aid to Silicon Valley Bank Customers
Silicon Valley Bank’s collapse is the second-biggest bank failure in U.S. history.Photo: Preston Gannaway for The Wall Street Journal
By
Patricia KowsmannMarch 12, 2023 8:05 am ETThe U.K. government said Sunday it was working on a lifeline for companies that had deposits locked up at Silicon Valley Bank’s British arm following the collapse of its U.S. parent.
In a statement, the U.K. Treasury said that it wanted to “avoid or minimize damage to some of our most promising companies,” adding the plan would ensure their short-term operational and cash flow needs were covered.
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