California-based parent company Silicon Valley Bank imploded and had its assets seized by US regulators on Friday – the largest failure of a bank since the 2008 financial crisis. The Bank of England subsequently ordered its UK subsidiary into insolvency from Sunday night. Whether that is guaranteed, whether that is working with the US government on a rescue for Silicon Valley Bank, there are different answers to this problem. BVCA director general Michael Moore said: “The immediate implications for the tech and wider private capital ecosystem are far reaching. This is about many highly skilled jobs.”Silicon Valley Bank was put under US government control on Friday after being hit by a capital crisis and a bank run.

Source: The Times March 12, 2023 23:38 UTC