In a joint statement, the Treasury and the Federal Reserve said"depositers will have access to all of their money starting Monday, March 13" and that"No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer." Standard deposit insurance in the US is, under usual circumstances, limited to $250,000 per depositer.

The joint statement also announced"a similar systemc risk exception" for Signature Bank, New York, New York which was closed Sunday by New York state. All depositers of this institution will also"be made whole" and no burden would be borne by taxpayers.

Yet taxpayers are one thing and shareholders and certain unsecured debtholders are another, these according to the statement"will not be protected". The statement said"senior management" has"also been removed" and that any losses to the deposit insurance fund will be"recovered by a special assessment on banks" as required by law.

The Fed said additional funding will be made available to eligible depository institutions to help assure banks can meet the needs of depositers. The joint statement said the"US banking system remains resilient and on a solid foundation".

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