Despite the recent turbulence on the financial markets after the US start-up financier Silicon Valley Bank (SVB) got into trouble, Finance Minister Janet Yellen has ruled out a government bailout of the bank.
Janet YellenBild: keystone
In the financial crisis a few years ago, the government intervened in this way, Yellen said in an interview with the US television station CBS on Sunday. But she emphasized: “We won’t do that again.”
Yellen referred to reforms that have been implemented since the financial crisis. At the same time, with a view to the Silicon Valley bank crisis, she emphasized: “But we are concerned about depositors and are concentrating on meeting their needs.”
The US money house Silicon Valley Bank (SVB), which specializes in start-up financing, has been temporarily closed and placed under state control after a failed emergency capital increase. This was announced by the US deposit insurance company FDIC on Friday.
The SVB, founded in 1983, had seen huge withdrawals of funds in the past few days as a result of liquidity concerns. SVB shares were suspended from trading on Friday after a price slide due to the acute emergency. Other banks also came under considerable pressure on the stock exchange.
The voluntary resolution of the US crypto bank Silvergate Capital had also sent shock waves through parts of the financial sector. Silvergate had already warned in the wake of the bankruptcy of the crypto exchange FTX that it might have to stop trading. However, Silvergate announced that it would repay all customer deposits.
The fear of loan defaults in the banking sector had intensified again, and the problems of the US banks also caused uncertainty on the European stock exchanges. (sda/dpa)