Fed in talks to create a fund to backstop deposits if more banks fail – report

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<p>The FDIC and <a target=“_blank“ href=“https://www.forexlive.com/terms/f/federal-reserve/“ class=“terms__main-term“ id=“0139b451-c49a-48a1-8365-838a83595a97″ target=“_blank“>Federal Reserve</a> is mulling a fund that would allow regulators to backstop more deposits at banks that run into trouble, <a target=“_blank“ href=“https://www.bnnbloomberg.ca/us-discusses-fund-to-backstop-deposits-if-more-banks-fail-1.1894175″ target=“_blank“ rel=“nofollow“>according to a Bloomberg report</a>.</p><p>The report says regulators discussed what would be a new special vehicle in conversations with bank executives, citing people familiar.</p><p>“
The hope is that setting up such a vehicle would reassure depositors and help contain any panic, said the people.,“ according to the report.</p><p>This sounds like an interesting option because it lets Silicon Valley Bank go while trying to step the contagion, though the details here are far from certain.</p><p>A separate report says US regulators are racing to sell SVB assets and make a portion of clients‘ uninsured deposits available as soon as Monday. The sources in the report said 30-50% or more.</p>

This article was written by Adam Button at www.forexlive.com.

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