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<p>Federal Reserve and Treasury:</p><ul><li>
taking decisive actions to protect the US  economy by strengthening public confidence in our banking system</li><li>boards of the FDIC
and the Federal Reserve, and consulting with the President, Secretary
Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank</li><li>no losses associated
with the resolution of Silicon Valley Bank will be borne by the
taxpayer</li><li>we are also
announcing a similar systemic risk exception for Signature Bank,
New York, which was closed today by its state chartering authority</li><li>all depositors of
this institution [SVB] will be made whole</li></ul><p>More:</p><ul><li>
Signature shareholders and certain unsecured debt holders will not be
protected</li><li>Signature senior
management has been removed</li><li>The Federal Reserve
board on Sunday announced it will make available additional funding
to eligible depository institutions to help assure banks have the
ability to meet the needs of all their depositors</li><li>Banking system
remains resilient and on a solid foundation</li><li>Any Signature Bank
losses to the deposit insurance fund to support uninsured depositors
will be recovered by a special assessment on banks</li><li>Fed will make
available additional funding to eligible depository institutions to
help assure banks can meet depositors' needs</li><li>To provide liquidity
to US Depository institutions, each federal reserve bank would make
advances to eligible borrowers, taking as collateral certain types of
securities</li><li>Treasury department,
using the exchange stabilization fund, would provide $25 billion as
credit protection to the Federal Reserve banks in connection with
bank term funding program</li><li>Today's actions
demonstrate US commitment to take 'necessary steps' to ensure that
depositors' savings remain safe</li><li>Eligible collateral
includes any collateral eligible for purchase by the Federal Reserve
banks in open market operations</li><li>Rate for term
advances will be the one-year overnight index swap rate plus 10 basis
points; the rate will be fixed for the term of the advance on the day
the advance is made</li><li>Collateral valuation
will be par value; margin will be 100% of par value</li><li>Advances can be
requested under the program until at least March 11, 2024</li><li>Advances made under
the program are made with recourse beyond the pledged collateral to
the eligible borrower</li></ul><p>---</p><p>Siren song of the US banking system, 'Whole again':</p><p>Adding the pop song is the ForexLive way folks. </p>

                This article was written by Eamonn Sheridan at www.forexlive.com.