Key Points
- Due to the fact the working day regulators seized Silicon Valley Lender, it was community information that panicked prospects withdrew $42 billion from the financial institution on March 9 on worries that uninsured deposits were being at chance.
- But that pales in comparison to the $100 billion in funds that would’ve gone out the upcoming working day, Michael Barr, vice chair for supervision at the Federal Reserve, testified Tuesday.
- The cumulative $142 billion in tried withdrawals represents a staggering 81% of SVB’s $175 billion in deposits as of calendar year-conclude 2022.
