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The Latest Breaking News from HSBC

McGrath sets up task force to monitor banks and tech after SVB collapse

The Minister for Finance has put together a task force to monitor the impact on the Irish financial system of the failure of Silicon Valley Bank in the US.

Irish Independent

Silicon Valley Bank fears hit stocks for second day as investors flee risk

SWIFT action by American financial authorities to contain the fallout from the collapse of Silicon Valley Bank (SVB) last week failed to calm global equity markets as intended on Monday.

Irish Independent

Why Silicon Valley Bank collapse in US is worry for every Brit - your questions answered

More than £50billion was wiped off the value of Britain’s 100 biggest listed firms as the failure of tech sector lender Silicon Valley Bank spooked stock markets. Here's what you could you expect next

Daily Mirror

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‘It was frantic’: the scramble to save SVB UK and avert a banking crisis

A small army worked through the weekend to ensure 3,500 UK customers – largely tech firms – still had cash on Monday

The Guardian - UK

Big tech has long thought itself above the state. Silicon Valley Bank’s meltdown is stark proof that it isn’t

In the US, the Federal Reserve has stepped in to guarantee deposits. The tech sector should realise it can’t go it alone, says James Ball, of The Bureau of Investigative Journalism

The Guardian - UK

More than £50bn wiped off FTSE 100 amid banking stock sell-off

More than £50 billion has been wiped off the UK’s biggest stock market on Monday after the second and third biggest bank failures in US history spooked investors across the globe.

Irish Independent

OPINION - The Leader podcast: HSBC buys collapsed Silicon Valley Bank for £1

Conference call of doom & cash run as start-ups’ bank implodes

Evening Standard

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SVB collapse: Startup ecosystem may have more trouble finding loans

The likes of HSBC may be less amenable to out-there ideas.

Fortune

Relief in the UK over Silicon Valley Bank. Panic in the US

Sale of SVB’s British subsidiary to HSBC is a satisfactory fix but Fed emerges with less of a worthy halo

The Guardian - UK

Paul J. Davies: A full banking crisis isn’t apparent in the SVB wreckage

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at…

Tribune News Service

OPINION - Tech & Science Daily podcast: Why Silicon Valley Bank UK rescue ‘protects tech industry’

The UK branch of Silicon Valley Bank has managed to avoid being declared insolvent by the Bank of England - after being bought by HSBC for £1.

Evening Standard

How savers can keep their money safe when banks collapse

Collapse of Silicon Valley Bank sparks memories of 2007/8 global financial crisis

The Independent UK

HSBC buys Silicon Valley Bank UK in rescue deal to avoid tech sector chaos

The 11th-hour sale was agreed after all-night talks between the Government and the Bank of England.

The Independent UK

SVB Bank Collapse Sends Shock Waves Across Europe, Asia

Startups, venture capitalists and investors from Europe to Asia tried to size up the wider fallout from the SVB Bank collapse.

Investors Business Daily

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The Street

HSBC Buys Silicon Valley Bank UK for £1

Regulators worldwide are trying to avoid a financial crisis linked to the collapse of technology lender Silicon Valley Bank.

Evening Standard

Why did Silicon Valley Bank collapse? And how did HSBC rescue its UK arm?

A weekend of high political drama ends in a rescue deal that leaves fast-growing sector safe in the City

Evening Standard

OPINION - The Standard View: Silicon Valley Bank rescue a relief to London’s tech sector

It seems to be a neat solution to a worrying few days for London’s vital tech industries. HSBC has bought the UK subsidiary of Silicon Valley Bank (SVB) following its collapse on Friday. SVB, which specialised in providing loans to technology firms, was closed down by US regulators last week…

The Independent UK

SVB collapse - latest news: Silicon Valley Bank hit with lawsuit for misleading stockholders after failure

Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis

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Irish Independent

Irish software firm Glantus among firms to reassure investors over Silicon Valley Bank

DUBLIN-BASED financial software firm Glantus is one of dozens of tech companies listed on the stock market in London that have rushed to assure investors this morning that they won’t be materially affected by the collapse of Silicon Valley Bank (SVB).

Asharq Al-Awsat

US, UK Try to Stem Fallout from Silicon Valley Bank Collapse

Governments in the UK and US took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down. The UK Treasury and the Bank of England announced early Monday that they had facilitated the sale of Silicon…

France 24

US regulators step in to shore up banking sector in wake of SVB's collapse

The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation have unveiled a plan meant to stem any contagion from Silicon Valley Bank's (SVB) failure on Friday. The Federal Reserve will provide an emergency lending facility that will ensure all of the bank's depositors are repaid in full. Elsewhere, the…

France 24

France says no risk of contagion as governments handle SVB collapse fallout

The bankruptcies of US banks Silicon Valley Bank (SVB) and Signature do not pose a danger to French financial institutions, Finance Minister Bruno Le Maire said Monday as authorities in the US and UK took extraordinary steps to stop a potential banking crisis.

Evening Standard

‘My wife was in tears’: tech firms breathe sigh of relief after HSBC saves Silicon Valley Bank UK

‘These companies were on the precipice. If SVB had gone insolvent it would have been utter chaos.’

The Independent UK

FTSE 100 suffers sharp fall as HSBC buys Silicon Valley Bank UK for £1

FTSE 100’s top tier fell nearly 2% in morning trading on Monday

Birmingham Post

THG and musicMagpie move to reassure investors as Silicon Valley Bank's UK arm is sold to HSBC

Chancellor Jeremy Hunt has confirmed that all customer deposits have been protected under the deal, and that no taxpayer cash was involved

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