![]() “Deposit insurance guarantees repayments of deposits at a bank up to the insured limit, $250,000,” says a report by the Congressional Research Service. While the resolution announced by Yellen, Powell and Gruenberg said that their solution “fully protects all depositors” and that depositors “will have access to all of their money,” the FDIC only guarantees deposits up to $250,000-not over that level. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.” All depositors of this institution will be made whole. “We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer. ![]() Depositors will have access to all of their money starting Monday, March 13. ![]() “After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Gruenberg released a statement that, in part, said the following: Yellen, Federal Reserve Board Chair Jerome H. ![]()
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