silicon valley bank s collapse on friday has sent shock waves around the world. it s forced central banks and regulators to act. on friday, california banking regulators closed down svb financial group the largest bank failure since the global financial crisis. since then, two other regional banks have also gone bankrupt silvergate, signature bank in new york while first republic was also forced to reassure investors after its shares plunged 60% in pre market trading. in a bid to stem contagion across the industry, the us government stepped in, effectively guaranteeing deposits across the entire banking system, ensuring all account holders will be able to retrieve any funds they have on monday morning. a statement by the us treasury and federal reserve said the plan will ensure the resilience of the broader us banking system. meanwhile here in the uk, hsbc has acquired silicon valley bank uk forjust one pound. the uk govt also said customer deposits will be protected an
to bail out the bank. uk chancellorjeremy hunt assured the bbc earlier that the british banking system is secure. we always have to watch everything that is we always have to watch everything that is happening around the world when that is happening around the world wheh it that is happening around the world when it comes to financial stability. the uk banking system is extremely stability. the uk banking system is extremely secure, it is well capitalised and i think we demonstrated that resilience by what was happening over the weekend and the fact was happening over the weekend and the fact we was happening over the weekend and the fact we were able to come up with a the fact we were able to come up with a solution so quickly. dharshini david is our global trade correspondent. just remind us how all of this happened. just remind us how all of this happened- just remind us how all of this ha ened. , ,., ~ ,, . happened. this is a bank, svb, which wasn t familiar happe
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