SVB buyers tried using to withdraw virtually all the bank’s deposits about two days, Fed’s Barr testifies

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.

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