Andrew Bailey/Bank of England.
UK Government and Bank of England hold talks over Silicon Valley Bank
Speculation over a potential bailout of Silicon Valley Bank UK is rising.
"The government recognises that tech sector companies are often not cashflow positive as they grow and that they rely on cash on deposits to cover their day to day costs." UK Government statement today.
This would mean eligible depositors are paid out by the Financial Services Compensation Scheme up to £85,000 or up to £170,000 for joint accounts.
SVB UK like its parent company has many clients in the tech and startup space.
HM Treasury says it has been speaking to firms affected and is encouraging others to get in touch.
Speculation is rising over a potential bailout of Silicon Valley Bank UK.