Member Info for Sangijuelas1

They can all put their bids in but they still have to do due diligence and if they don't like what they find...

Yeah well done on your work. Now do the same for the UK subsidiary which is more relevant here

Seen various news releases from companies reporting deposits held with SVB.

Need to see something here soon as well.

Looks like Sunak and Hunt to the rescue

https://sifted.eu/articles/uk-government-startup-intervention-svb-uk/

Chair business select Committee calling for bailout
https://mobile.twitter.com/darrenpjones/status/1634544857560543232

Letter to Jeremy Hunt. Among signatories are Ravelin and Gardin, MV portfolio cos
https://mobile.twitter.com/NadigerUtpal/status/1634542124153683968

Maybe wanting to access their funds??

https://news.sky.com/story/bank-of-london-weighs-rescue-bid-for-uk-arm-of-silicon-valley-bank-12830933

I think some of the clients built close relationships with them and also it provided business and networking from being in the "ecosystem".

Worth reading through this thread from Times Katie Prescott especially what Meri Beckwith is saying
https://mobile.twitter.com/kprescott/status/1634471634835845123

https://mobile.twitter.com/kprescott/status/1634471634835845123

https://mobile.twitter.com/matthewclifford/status/1634489252011552769

UK government rightly wants Britain to be one of the world’s great tech ecosystems. First priority: ensuring that thousands of UK startups make payroll this month.

No bailout for SVB shareholders, but if depositors can’t access funds, the startup ecosystem is decimated.

They neglected to put a hedge in place to cover the exposure to the bonds.

From Coadec

https://mobile.twitter.com/Coadec/status/1634474446487449601

I have seen a figure quoted of about 60% of UK tech start ups using SVB UK.

I don't think many were able to get money out yesterday. Even seen talk of 30 day notice terms for withdrawals.

An example of knock on effects in the US is a company that many start ups relied on for processing payroll used SVB so many staff not going to get paid.

Former portfolio company Wise were relying on SVB UK for working capital.

https://www.uktech.news/fintech/wise-silicon-valley-bank-20221027

BOE denied emergency funding, which they could have allowed as part of the resolution regime, preferring liquidation with Interpath taking over.

The BOE think it's not an important bank.

Companies will be in big trouble.

SVB UK now in administration after applying for nearly £2bn in emergency funding from BOE

They would say that. They are still a subsidiary of the US op.

Sorry meant to include this
https://mobile.twitter.com/brianbpark/status/1634247798450167826

This could apply. SVB Loan covenants meant firms often had to use the bank

https://sifted.eu/articles/europe-svb-founder-confusion-news/

Looks like Graphcore are a customer