El colapso del decimosexto banco más grande de los Estados Unidos provocó alteraciones en los mercados globales
The Santa Clara-based startup-focused institution imploded Friday after a run on its banks sparked by news of losses on its investments. The California Department of Financial Protection and Innovation closed the bank and appointed the Federal Deposit Insurance Corporation as receiver to hold its assets for future sales. When account holders deposit money at any bank, the bank will only keep a portion of that money in personal accounts. The rest is used to lend or invest.
The root of the issue
One of the things that SVB invested heavily in was long-term US government bonds, which are considered very safe investments, but when interest rates go up, as they have been over the past year, bonds tend to fall in price. In and of itself, this need not be a problem; SVB could have held the bonds until they matured or until prices improved. For its part, the tech sector was under pressure and many companies needed to tap into the reserves they had deposited with SVB, as a result, SVB had to start selling bonds at huge losses in order to repay customers.
The shutdown has dealt a significant blow to Silicon Valley's start-up industry, a key Bay Area economic engine already battling a funding squeeze fueled by rising interest rates and inflation. The consequences could include start-ups cutting jobs or failing for lack of money, and slower growth and hiring in the innovation industry, which reduces the amount of money leaving companies through paid employees, the purchase of goods and services, office leases, and local government taxes. for essential services.
Silicon Valley Bank pioneered a unique business model closely tied to the venture capital industry that saw it lend money to startups to supplement its venture capital funding, Randolph said. “That's not something the big banks have done historically,” Randolph said. “The whole startup area tends to be a riskier field than conventional banking. Silicon Valley Bank, they understood the business.”
The loss, at least in the short term, will create an environment in which it will be harder for developers of new frontier technologies, or less-proven management teams, to get funding, said Ahmad Thomas, chief executive officer of Silicon Valley Leadership Group.
Source: SiliconValley
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