solution to the silicon bank issue is to do with the tech sector, because amongst the u.k. subsidiary customers were 4,000 of our tech and life science companies, and we wanted to make sure that their deposits were secure, and that is the motivation, and we were very pleased to secure the sale of the u.k. sale to the hbsc. and in that regard to the sale of the silicon valley bang, is it your sense that the situation has been contained in the u.k.? yes, we believe in the u.k. that we have a solution that the svb customers are able to access their deposits a normal. i think that it may have taken a day or two for the full banking services to be restored under the new owner hbsc and they are
in the uk, the government has announced that hsbc will buy the uk arm of svb, meaning customers will be able to access their deposists and banking services as normal. here s the uk s finance minister. well, there was never a systemic risk to our financial stability in the uk. the bank of england governor made that clear from the outset, but a number of our most promising and important technology and life science companies had their money with silicon valley bank, in their uk branch. so we ve been working over the weekend, i ve been in constant contact with the governor of the bank of england, the prudential regulatory authority, the prime minister, to work up a solution. we do now have that solution, a sale has been agreed to hsbc, which is europe s biggest bank, one of the most credit worthy institutions in the world. and what that means is that all those really important companies that had deposits with silicon valley bank uk can access their deposits, can access normal banking servi
of really unhappy people who are trying to figure out how they re going to make their payroll next week. it was a 48-hour collapse essentially, and so the context here, the biggest failure since the financial crisis, the second biggest in history, and this is a big part of the silicon valley economy. i mean, this is the bank for, you know, like life science companies and fintech startups, and all kinds of tech startups. so they really relied on this bank as their bank of record here, and it is closed. they cannot get access to their money. so you asked the question why? a couple of things here, they took on a lot of deposits in the pandemic, you know, billions of dollars of deposits in the pandemic, and then they invested those in safe securities, treasury securities, government-backed debt, and that was all safe and fine until there was a little bit of a slowdown in tech, and these startups were burning cash, and so they started withdrawing those deposits and not putting new deposits
business correspondent christine romans. how large is silicon valley bank and why did it collapse? look, this happened so fast, the doors are locked tonight, anderson. there s an fdic notice on the front door, and there are a lot of really unhappy people who are trying to figure out how they re going to make their payroll next week. it was a 48-hour collapse essentially, and so the context here, the biggest failure since the financial crisis, the second biggest in history, and this is a big part of the silicon valley economy. i mean, this is the bank for, you know, like life science companies and fintech startups, and all kinds of tech startups. so they really relied on this bank as their bank of record here, and it is closed. they cannot get access to their money. so you asked the question why? a couple of things here, they took on a lot of deposits in the pandemic, you know, billions of dollars of deposits in the pandemic, and then they invested those in safe securities,
/PRNewswire/ The healthcare analytics market size reached USD 21.10 Billion in 2021 and is expected to register a CAGR of 25.4% during the forecast period,.