Member Info for Davand

Just looked in the bottom of my cup and it's this week bright! Lol

Maybe this is the turning point in our luck. Excellent start to the week.

Yes, all good on that score! Just a bit of other good news please.

Might we even see a blue day? lol

I'll give management credit. In control of the situation it seems so well done on that. Just some decent material news missing!

Panic over!!

NEW:
Silicon Valley Bank's UK subsidiary has been sold to HSBC.
Depositors will be fully protected.
Will be announced by @bankofengland and @hmtreasury imminently.
Biggest firesale of a UK Bank since the financial crisis

Not on LinkedIn, what's it about?

I notice there are a few names from both the US and the Me apparently interested in buying the UKSVB, which is good news. Hopefully the govt will announce something positive before markets open to calm the nerves.
I read that they still had £7B on their books when it was put into insolvency. Why, How does that work?
Hopefully the cfo has done this simple task below?

"The government is asking affected startups to contact the Treasury with details including the size of their SVB UK deposit, approximate monthly cash burn rate and whether they have access to other UK banking facilities" .

Hopefully the cfo has put in the simple questionnaire to the govt. About 4 questions, think he should manage that.

Yellen won't bail out the bank, but will look after depositors. Same as the UK. That's all that matters to Ygen.

Not too sure about that twix. I think anyone borrowing from them need to use a SVB account. Could be wrong though!

It mentions Nat West Bank as third party account on the charge docs at companies House.

Yes Hemo, I seem to remember that point in the docs about having to bank with them. So they had £5m credit at one point, but that has mainly been spent by the look of it.

Oops, only meant this bit.

Hunt has ruled out a bailout of the UK arm of SVB and is instead focusing on supporting the cash flow of the many tech groups with deposits at the bank. They could struggle to pay wages and bills next week.

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Hunt has ruled out a bailout of the UK arm of SVB and is instead focusing on supporting the cash flow of the many tech groups with deposits at the bank. They could struggle to pay wages and bills next week.

Looks like the govt will step in, which is great news. Panic over, for now at least.

"The government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and we will bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met".

I would expect the US side of things to affected if not here. There is a 53 page document outlining the deal with SVB at companies House. There are one or two saying the govt might step.. hopefully they will.

Yes we do Hemo.

Hopefully the govt will step in. If not maybe this Uncapped organisation can help.

"Uncapped, a financial tech start-up that lends to other start-ups, said it is launching an emergency funding programme to help companies meet payroll and other obligations, as well as longer-term bridge loans to help with working capital" .

Apparently not! Hopefully they didn't have much in the account or if they did they managed to withdraw it pdq.