Black Immigrant Daily News
The Cayman Islands Monetary Authority (the “Authority”) issued a statement recently about the collapse of Silicon Valley Bank (“SVB”) and the intervention by the Federal Deposit Insurance Corporation (“FDIC”) to avoid a financial crisis.
Part of the notice concerns SVB’s branch in the Cayman Islands, which the Authority has been actively assessing and has been in contact with representatives of the Cayman branch.
The Authority is also engaging with the relevant US regulators to discuss a way forward.
Concerning US deposits, the Authority said that a joint press release in the US mentioned that the FDIC stated that depositors of SVB will be safeguarded.
The Authority is carefully monitoring developments in the market and will take the necessary actions if and when necessary.
The Authority will provide relevant updates as appropriate.
NewsAmericasNow.com
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