Key Highlights :
1. More than 250 UK tech firm chief executives signed a letter addressed to Hunt on Saturday calling for government intervention.
2. Hunt said on Sunday he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to "avoid or minimise damage" resulting from the chaos engulfing the UK arm of Silicon Valley Bank.
3. Under insolvency proceedings for banks in Britain, some depositors are eligible for up to 85,000 pounds ($102,000) of compensation for cash held at lenders, or 170,000 pounds for joint accounts.
4. Customers may not be able to recover deposits in excess of that.
5. Hunt reiterated comments by the BoE that overall Silicon Valley Bank has a limited presence in Britain and does not perform functions critical to the financial system.
6. Still, in the US, the Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday, to minimise the fallout.
7. Some financial industry executives and investors are growing increasingly concerned that the collapse of the bank could have a domino effect on other US regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits.
for more newsletters. Silicon Valley Bank fails in the US The insolvency of Silicon Valley Bank, a US regional lender focused on tech startups, could have a significant impact on some companies, British finance minister Jeremy Hunt said on Sunday. Friday's dramatic failure of the US bank SVB Financial Group , which focuses on tech startups, was the biggest in the US since the 2008 financial crisis.
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