Silicon Valley Bank (SVB) made headlines last week when it became the largest financial institution to collapse since the financial crisis of 2008.
The crisis isn’t limited to America, however, with Breitbart reporting that British and European lenders also took a massive hit.
Bank Insolvency Procedure
According to the website, the European-UK banking index lost €33.5 billion ($35.6 billion) one Friday, which represents a decline of 3.8%.
In response, The Bank of England put out a statement announcing that it was moving to protect those who had deposited funds with SVB’s British arm.
Bank of England statement on Silicon Valley Bank UK 👇 pic.twitter.com/62snFTF2Wj
— Bank of England Press Office (@BoE_PressOffice) March 10, 2023
“The Bank of England, absent any further meaningful information, intends to apply to the Court to place Silicon Valley Bank UK Limited (SVBUK) into a Bank Insolvency Procedure,” it explained.
British depositors limited
“A Bank Insolvency Procedure would mean that eligible depositors are paid out by the FSCS [Financial Services Compensation Scheme] as quickly as possible up to the protected limit of £85,000 or £170,000 for joint accounts,” the statement continued.
“SVBUK’s other assets and liabilities would be managed in the insolvency by the bank liquidators and recoveries distributed to its creditors,” the Bank of England added.
Meanwhile, some have argued SVB devoted too much attention to its diversity, equity, and inclusion programs rather than focusing on the basics of risk management.
DEI hires tanked SVB. You might not believe it. You might have evidence to the contrary. But is it worth blowing up your own business?
DEI hires tanked SVB pic.twitter.com/z1qZnNypuX
— Grill Time (@barbquehour) March 11, 2023
Tucker Carlson says SVB “had quite the public relations department”
Fox News host Tucker Carlson told his viewers on Friday evening that “SVB, like the scammers at FTX, had quite the public relations department.”
“We’re not some greedy finance outfit that exists solely to generate cash for overpaid sleaze balls who run it. No, that’s not us,” Carlson said.
“We may be a bank. We’ve got the soul of an NGO. We care. We’re saving the world and to prove it, there’s a whole page on SVB’s website about their plans to ‘monitor and reduce our own carbon emissions,'” the host remarked.
“Yes, because you want a bank that cares about carbon emissions and of course, there’s endless posturing because it’s all free about diversity, equity and inclusion,” he joked sarcastically.