Bank of England seeks to place Silicon Valley Bank UK into insolvency

The Bank of England said that "absent any meaningful further information," intends to apply to the Court to place Silicon Valley Bank UK Limited into a "Bank Insolvency Procedure." A Bank Insolvency Procedure would mean that eligible depositors are paid out by the FSCS as quickly as possible up to the protected limit of GBP 85,000 or up to GBP 170,000 for joint accounts. Silicon Valley Bank UK’s other assets and liabilities would be managed in the insolvency by the bank liquidators and recoveries distributed to its creditors, the agency said in a statement. "SVBUK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits," it added.

Published first on TheFly

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