US authorities are considering safeguarding all uninsured deposits at Silicon Valley Bank SVIB.O, weighing an intervention to prevent what they fear would be a panic in the US financial system, the Washington Post reported on Sunday, citing three people with knowledge of the matter.
Officials at the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation discussed the idea this weekend, the report said.
The FDIC kicked off an auction process late on Saturday, Bloomberg reported, citing people familiar with the matter, with final bids due by Sunday afternoon.
Bank of London, a clearing bank, has submitted a formal proposal for the UK subsidiary of Silicon Valley Bank, it said in a statement on Sunday.
"A consortium of leading private equity firms, led by The Bank of London, confirms it has submitted formal proposals to His Majesty’s Treasury, The Prudential Regulation Authority at The Bank of England and the Board of Silicon Valley Bank UK," the statement said