In a statement made by the New York Department of Financial Services (DFS), it was announced that Signature Bank has been appointed trustee by the US Federal Deposit Insurance Agency (FDIC) to protect depositors.
Signature Bank has approximately $110.4 billion in assets and approximately $88.6 billion in deposits as of December 31, 2022, and the bank is reported to be FDIC insured.
In the statement, it was emphasized that DFS cooperates closely with other institutions by following market trends in order to protect consumers, and protect the stability of the global financial system with the healthy functioning of the organizations it regulates.
A joint statement from the US Treasury Department, the Fed, and the FDIC regarding the SVB and Signature Bank
US Treasury Secretary Janet Yellen, Fed Chairman Jerome Powell, and FDIC Chairman Martin Gruenberg made a joint statement on the SVB and Signature Bank.
"This step will ensure that the US banking system continues to fulfill its vital roles of protecting deposits and providing households and businesses with access to credit in a way that promotes strong and sustainable economic growth," the statement said, noting that decisive steps have been taken to protect the US economy by strengthening public confidence in the banking system." it was evaluated.
According to the statement, US Treasury Secretary Yellen, after listening to the recommendations of the FDIC and the Fed and consulting with US President Joe Biden, approved actions that will ensure that the FDIC's SVB decision is completed in a way that fully protects all depositors.
Monday, March 13, depositors will be able to access all of their money starting from Monday," the joint statement said. No losses related to the SVB decision will be covered by taxpayers." the expression was used.