Silicon Valley Bank’s and Signature Bank’s securities portfolios carry a face value of around $90-billion and $26-billion, respectively
The sources spoke on condition of anonymity to discuss confidential information about the sale process. The FDIC declined to comment.
It is unclear how much the FDIC’s deposit fund stands to lose on the sale of the portfolios. The fund, used to guarantee deposits at failed lenders, is replenished by a levy on all U.S. banks that are members of the FDIC’s deposit insurance scheme. The FDIC estimates the sale of Silicon Valley Bank and Signature Bank will cost the deposit fund $20-billion and $2.5-billion, respectively. It will release final figures once sales of the loan books of the banks and their securities portfolios are complete.
Some of the loans were passed on to First Citizens and New York Community with backstops from the FDIC, while others are up for sale separately. The FDIC has hired Newmark Group Inc to sell about $60-billion of Signature Bank’s loans it retained, Reuters reported this week. Silicon Valley Bank gave a sense of the potential losses in its securities portfolio on March 8, two days before it failed, when it sold $21.5-billion of it to meet customer withdrawals, realizing a $1.8-billion loss. The portfolio was yielding an average 1.79 per cent, far below the 10-year Treasury yield that at the time was around 3.9 per cent.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Republican lawmakers accuse Fed of being lax before Silicon Valley Bank failureLawmakers on Wednesday questioned whether tougher regulations would have made a difference as Silicon Valley Bank hurtled toward the second-largest bank failure in U.S. history
اقرأ أكثر »
Silicon Valley Bank's chaos has been bittersweet for crypto and wineSilicon Valley Bank's collapse earlier this month dealt a major blow to the wine and crypto firms that entrusted their money with and depended on the lender to stay afloat.
اقرأ أكثر »
Bank of Canada 'ready to act' against banking turmoil, deputy governor Toni Gravelle saysSilicon Valley Bank crisis will factor in the Bank of Canada\u0027s next monetary policy report, deputy governor says. Read more.
اقرأ أكثر »
Bank of Canada 'ready to act' against banking turmoil, deputy governor Toni Gravelle saysSilicon Valley Bank crisis will factor in the Bank of Canada\u0027s next monetary policy report, deputy governor says. Read more.
اقرأ أكثر »
Bank of Canada 'ready to act' against banking turmoil, deputy governor Toni Gravelle saysSilicon Valley Bank crisis will factor in the Bank of Canada\u0027s next monetary policy report, deputy governor says. Read more.
اقرأ أكثر »
Inside a Modern $2.2M Mass Timber Home on the Naramata BenchThe Okanagan Valley has been called the Napa Valley of Canada, and the Naramata Bench is arguably the heart of the Okanagan Valley.
اقرأ أكثر »