Bloomberg: The FDIC is selling assets and will return some uninsured deposits from Silicon Valley Bank on Monday

ChainCatcher news, according to Bloomberg citing informed sources, the Federal Deposit Insurance Corporation (FDIC) is selling assets and will provide uninsured deposits for some customers of Silicon Valley Bank as soon as possible on Monday. Informed sources said that the amount of asset liquidation is 30-50% or more of the uninsured deposits.

Currently, Silicon Valley Bank's corporate clients lack the funds to maintain business operations and employee salaries. The FDIC stated that the amount of uninsured deposits is still being determined and will soon issue advance dividends to uninsured depositors, with payments to follow. (Source link)