Silicon Valley Bank’s collapse rattled the U.S. Now, Canada braces for aftershocks
has sent aftershocks through the global financial system and Canada is not immune from the impacts.
Shares of U.S. regional banks slumped on Monday, led by sharp losses in First Republic Bank, spurring fears it could be next if a “contagion” emerges — the term referring to spreading instability through the financial system.John Ruffolo, a Canadian venture capitalist with 30 years of experience in the technology industry, says the speed at which SVB went from normal operations to completely wrapped up was “shocking.
It was a major relief then, when U.S. Secretary of the Treasury Janet Yellen came out Sunday on CBS’s ‘Face the Nation’ to assure customers that they would be made whole after SVB’s assets were seized, he says.“I was able to put my defibrillator away,” Ruffolo says, adding he was “very pleased” with the quick response from the Canadian federal government as well.
A CDIC spokesperson told Global News on Monday in an emailed statement that in over 55 years, “no one has ever lost a dollar protected by CDIC.”While most Canadians didn’t have much direct exposure to SVB, experts say the collapsed bank’s concentration in startups and the tech industry reveal vulnerabilities the sector will have to grapple with for months to come.
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