At the same time, Biden assured that the country's taxpayers would not have to answer for losses related to the bank's bankruptcy. He called on Congress to regulate the sector more. The management of the bank will also be "fired".
The US authorities closed the Silicon Valley Bank on Friday. The financial institution had run into massive difficulties as a result of billions in losses from the sale of securities. It was primarily relevant for the financing of startups in the USA and had focused on the technology sector.
In Germany, the BaFin closed the branch of the Silicon Valley Bank: It imposed a ban on sales and payments and ordered a moratorium on customer traffic.