The Federal Reserve is slated to release findings of its review of the failed Silicon Valley Bank (SVB) Friday, April 18, at 11 a.m. Eastern, the central bank said. The review is being led by Fed Vice Chair for Supervision Michael Barr.
In March testimony for the Senate Banking Committee, Barr said that report would be out by May 1 and would include supervisory assessments and exam material. In a footnote to his statement, he said while this type of information is not usually disclosed, “We are sharing confidential supervisory information in the case of SVB because the bank went into resolution, and its disorderly failure posed systemic risk.”
The Federal Deposit Insurance Corp. (FDIC) Board recently said it estimated the failures last month of Silicon Valley Bank of Santa Clara, Calif., and Signature Bank of New York, N.Y., resulted in total losses of approximately $22.5 billion. It said $19.2 billion was attributable to the protection of uninsured depositors under the Systemic Risk Exception, a provision that allows the FDIC to cover the funds of all depositors in the interests of protecting the economy. It said any losses related to this exception, under federal statute, must be repaid by a special assessment on banks.
Release: Federal Reserve Board announces that the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr, will be released on Friday, April 28, at 11:00 a.m. ET