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Submitted URL: https://info.conference-board.org/MjI1LVdCWi0wMjUAAAGKj5jqGvYyUbPO5IL75nHEA1RHstszZif_6aZ68ERYM-oMJSnDWQ9ERAoPSfwnZQplaGnrtQ4=
Effective URL: https://www.conference-board.org/topics/recession/Silicon-Valley-Bank-SVB-Collapse-Implications-for-Business?mkt_tok=MjI1LVdCWi0w...
Submission: On March 17 via manual from US — Scanned from DE
Effective URL: https://www.conference-board.org/topics/recession/Silicon-Valley-Bank-SVB-Collapse-Implications-for-Business?mkt_tok=MjI1LVdCWi0w...
Submission: On March 17 via manual from US — Scanned from DE
Form analysis 9 forms found in the DOM
<form class="gsc-search-box gsc-search-box-tools" accept-charset="utf-8">
<table cellspacing="0" cellpadding="0" role="presentation" class="gsc-search-box">
<tbody>
<tr>
<td class="gsc-input">
<div class="gsc-input-box" id="gsc-iw-id1">
<table cellspacing="0" cellpadding="0" role="presentation" id="gs_id50" class="gstl_50 gsc-input" style="width: 100%; padding: 0px;">
<tbody>
<tr>
<td id="gs_tti50" class="gsib_a"><input autocomplete="off" type="text" size="10" class="gsc-input" name="search" title="search" aria-label="search" id="gsc-i-id1" dir="ltr" spellcheck="false"
style="width: 100%; padding: 0px; border: none; margin: 0px; height: auto; background: url("https://www.google.com/cse/static/images/1x/en/branding.png") left center no-repeat rgb(255, 255, 255); outline: none;"></td>
<td class="gsib_b">
<div class="gsst_b" id="gs_st50" dir="ltr">
<a class="gsst_a" href="javascript:void(0)" title="Clear search box" role="button" data-feathr-click-track="true" data-feathr-link-aids="["5c93db898e0fad126815e024"]" style="display: none;"><span class="gscb_a" id="gs_cb50" aria-hidden="true">×</span></a>
</div>
</td>
</tr>
</tbody>
</table>
</div>
</td>
<td class="gsc-search-button"><button class="gsc-search-button gsc-search-button-v2"><svg width="13" height="13" viewBox="0 0 13 13">
<title>search</title>
<path
d="m4.8495 7.8226c0.82666 0 1.5262-0.29146 2.0985-0.87438 0.57232-0.58292 0.86378-1.2877 0.87438-2.1144 0.010599-0.82666-0.28086-1.5262-0.87438-2.0985-0.59352-0.57232-1.293-0.86378-2.0985-0.87438-0.8055-0.010599-1.5103 0.28086-2.1144 0.87438-0.60414 0.59352-0.8956 1.293-0.87438 2.0985 0.021197 0.8055 0.31266 1.5103 0.87438 2.1144 0.56172 0.60414 1.2665 0.8956 2.1144 0.87438zm4.4695 0.2115 3.681 3.6819-1.259 1.284-3.6817-3.7 0.0019784-0.69479-0.090043-0.098846c-0.87973 0.76087-1.92 1.1413-3.1207 1.1413-1.3553 0-2.5025-0.46363-3.4417-1.3909s-1.4088-2.0686-1.4088-3.4239c0-1.3553 0.4696-2.4966 1.4088-3.4239 0.9392-0.92727 2.0864-1.3969 3.4417-1.4088 1.3553-0.011889 2.4906 0.45771 3.406 1.4088 0.9154 0.95107 1.379 2.0924 1.3909 3.4239 0 1.2126-0.38043 2.2588-1.1413 3.1385l0.098834 0.090049z">
</path>
</svg></button></td>
<td class="gsc-clear-button">
<div class="gsc-clear-button" title="clear results"> </div>
</td>
</tr>
</tbody>
</table>
</form><form class="gsc-search-box gsc-search-box-tools" accept-charset="utf-8">
<table cellspacing="0" cellpadding="0" role="presentation" class="gsc-search-box">
<tbody>
<tr>
<td class="gsc-input">
<div class="gsc-input-box" id="gsc-iw-id2">
<table cellspacing="0" cellpadding="0" role="presentation" id="gs_id51" class="gstl_51 gsc-input" style="width: 100%; padding: 0px;">
<tbody>
<tr>
<td id="gs_tti51" class="gsib_a"><input autocomplete="off" type="text" size="10" class="gsc-input" name="search" title="search" aria-label="search" id="gsc-i-id2" dir="ltr" spellcheck="false"
style="width: 100%; padding: 0px; border: none; margin: 0px; height: auto; background: url("https://www.google.com/cse/static/images/1x/en/branding.png") left center no-repeat rgb(255, 255, 255); outline: none;"></td>
<td class="gsib_b">
<div class="gsst_b" id="gs_st51" dir="ltr">
<a class="gsst_a" href="javascript:void(0)" title="Clear search box" role="button" data-feathr-click-track="true" data-feathr-link-aids="["5c93db898e0fad126815e024"]" style="display: none;"><span class="gscb_a" id="gs_cb51" aria-hidden="true">×</span></a>
</div>
</td>
</tr>
</tbody>
</table>
</div>
</td>
<td class="gsc-search-button"><button class="gsc-search-button gsc-search-button-v2"><svg width="13" height="13" viewBox="0 0 13 13">
<title>search</title>
<path
d="m4.8495 7.8226c0.82666 0 1.5262-0.29146 2.0985-0.87438 0.57232-0.58292 0.86378-1.2877 0.87438-2.1144 0.010599-0.82666-0.28086-1.5262-0.87438-2.0985-0.59352-0.57232-1.293-0.86378-2.0985-0.87438-0.8055-0.010599-1.5103 0.28086-2.1144 0.87438-0.60414 0.59352-0.8956 1.293-0.87438 2.0985 0.021197 0.8055 0.31266 1.5103 0.87438 2.1144 0.56172 0.60414 1.2665 0.8956 2.1144 0.87438zm4.4695 0.2115 3.681 3.6819-1.259 1.284-3.6817-3.7 0.0019784-0.69479-0.090043-0.098846c-0.87973 0.76087-1.92 1.1413-3.1207 1.1413-1.3553 0-2.5025-0.46363-3.4417-1.3909s-1.4088-2.0686-1.4088-3.4239c0-1.3553 0.4696-2.4966 1.4088-3.4239 0.9392-0.92727 2.0864-1.3969 3.4417-1.4088 1.3553-0.011889 2.4906 0.45771 3.406 1.4088 0.9154 0.95107 1.379 2.0924 1.3909 3.4239 0 1.2126-0.38043 2.2588-1.1413 3.1385l0.098834 0.090049z">
</path>
</svg></button></td>
<td class="gsc-clear-button">
<div class="gsc-clear-button" title="clear results"> </div>
</td>
</tr>
</tbody>
</table>
</form>Name: sign — POST /signin/signincontroller.cfm
<form name="sign" action="/signin/signincontroller.cfm" method="post" class="form-horizontal sign bv-form" role="form" novalidate="novalidate"><button type="submit" class="bv-hidden-submit" style="display: none; width: 0px; height: 0px;"></button>
<div id="loginInput Login">
<div class="form-group required has-feedback">
<div class="col-lg-12 ">
<label for="email">Email</label>
<input type="text" class="form-control" placeholder="Enter Business Email Address" name="username" id="username" value="" data-bv-field="username"><i class="form-control-feedback" data-bv-icon-for="username" style="display: none;"></i>
<small class="help-block" data-bv-validator="callback" data-bv-for="username" data-bv-result="NOT_VALIDATED" style="display: none;">The username should be valid and cannot be empty</small>
</div>
</div>
<div class="form-group required has-feedback">
<div class="col-lg-12">
<label for="email">Password</label>
<input type="password" class="form-control" placeholder="Enter Password" name="password" id="password" value="" data-bv-field="password"><i class="form-control-feedback" data-bv-icon-for="password" style="display: none;"></i>
<small class="help-block" data-bv-validator="notEmpty" data-bv-for="password" data-bv-result="NOT_VALIDATED" style="display: none;">The password is required and cannot be empty</small>
</div>
</div>
</div>
<div class="memberCheck">
<a href="/membership/check-membership/" data-feathr-click-track="true" data-feathr-link-aids="["5c93db898e0fad126815e024"]">Check if You're a Member</a>
</div>
<div class="caFp">
<a href="/signin/?action=signup" data-feathr-click-track="true" data-feathr-link-aids="["5c93db898e0fad126815e024"]"> Create Account
<img src="/assets/newLayout/images/banner-blue-arrow-right.png" height="15" alt="">
</a>
</div>
<div class="caFp">
<a href="/signin/forgotpassword.cfm?reflink=https://www.conference-board.org/topics/recession/Silicon-Valley-Bank-SVB-Collapse-Implications-for-Business/" data-feathr-click-track="true" data-feathr-link-aids="["5c93db898e0fad126815e024"]">Forgot Your Password?
<img src="/assets/newLayout/images/banner-blue-arrow-right.png" height="15" alt="">
</a>
</div>
<div class="">
<input type="hidden" name="pathInfo" value="https://www.conference-board.org/topics/recession/Silicon-Valley-Bank-SVB-Collapse-Implications-for-Business/">
<button type="submit" name="login_submit" class="btn btn-primary sigInB">Sign In</button>
</div>
<div class="clearfix"></div>
<div class="form-group Login">
<div class="col-lg-12 ">
<div class="checkbox keepSigin">
<label>
<input type="checkbox" name="remember" value="true" id="remember">
<p class="lheight16px">Keep My Computer Signed In</p>
</label>
</div>
</div>
</div>
</form>Name: contentHubForm — POST
<form id="contentHubForm" name="contentHubForm" action="" method="post">
<input type="hidden" id="contentHubPubId" name="contentHubPubId" value="">
</form>Name: confContentHubForm — POST
<form id="confContentHubForm" name="confContentHubForm" action="" method="post">
<input type="hidden" id="contentHubConfId" name="contentHubConfId" value="">
<input type="hidden" id="contentHubConfType" name="contentHubConfType" value="">
</form>Name: sign — POST /signin/signincontroller.cfm
<form name="sign" action="/signin/signincontroller.cfm" method="post" class="form-horizontal" role="form" id="attendeePortalForm" novalidate="novalidate">
<input type="hidden" name="section" value="menusignin">
<input type="hidden" name="attendeePath" id="attendeePath" value=" ">
<div class="form-group mar0 required">
<input type="text" class="form-control txtLoginUserName" placeholder="USERNAME" name="username" id="username" value="">
</div>
<div class="form-group mar0 required">
<input type="password" class="form-control" placeholder="PASSWORD" name="password" id="password" value="">
</div>
<div class="clearfix"></div>
<div class="pull-left" id="forgotpassword">
<a href="/signin/forgotpassword.cfm?reflink=https://www.conference-board.org/topics/recession/Silicon-Valley-Bank-SVB-Collapse-Implications-for-Business/" class="forgotYourPassword" data-feathr-click-track="true" data-feathr-link-aids="["5c93db898e0fad126815e024"]">Forgot Password</a>
|
<a href="/signin/forgotpassword.cfm?reflink=https://www.conference-board.org/topics/recession/Silicon-Valley-Bank-SVB-Collapse-Implications-for-Business/" class="forgotYourPassword" data-feathr-click-track="true" data-feathr-link-aids="["5c93db898e0fad126815e024"]">Resend account confirmation</a>
</div>
<div class="clearfix"></div>
<div class="stopProp">
<input type="hidden" name="pathInfo" value="https://www.conference-board.org/topics/recession/Silicon-Valley-Bank-SVB-Collapse-Implications-for-Business/">
<button type="submit" name="login_submit" class="btn btn-primary megaMenubuttonLinkCustom pull-right">Submit</button>
</div>
</form><form id="mktoForm_3340" novalidate="novalidate" class="mktoForm mktoHasWidth mktoLayoutAbove" style="font-family: Helvetica, Arial, sans-serif; font-size: 14px; color: rgb(51, 51, 51); width: 311px;">
<style type="text/css">
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton {
color: #fff;
border: 1px solid #75ae4c;
padding: 0.4em 1em;
font-size: 1em;
background-color: #99c47c;
background-image: -webkit-gradient(linear, left top, left bottom, from(#99c47c), to(#75ae4c));
background-image: -webkit-linear-gradient(top, #99c47c, #75ae4c);
background-image: -moz-linear-gradient(top, #99c47c, #75ae4c);
background-image: linear-gradient(to bottom, #99c47c, #75ae4c);
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:hover {
border: 1px solid #447f19;
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:focus {
outline: none;
border: 1px solid #447f19;
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:active {
background-color: #75ae4c;
background-image: -webkit-gradient(linear, left top, left bottom, from(#75ae4c), to(#99c47c));
background-image: -webkit-linear-gradient(top, #75ae4c, #99c47c);
background-image: -moz-linear-gradient(top, #75ae4c, #99c47c);
background-image: linear-gradient(to bottom, #75ae4c, #99c47c);
}
</style>
<div class="mktoFormRow">
<div class="mktoFieldDescriptor mktoFormCol" style="margin-bottom: 10px;">
<div class="mktoOffset" style="width: 10px;"></div>
<div class="mktoFieldWrap mktoRequiredField"><label for="Email" id="LblEmail" class="mktoLabel mktoHasWidth" style="width: 300px;">
<div class="mktoAsterix">*</div>Work Email Address:
</label>
<div class="mktoGutter mktoHasWidth" style="width: 10px;"></div><input id="Email" name="Email" maxlength="255" aria-labelledby="LblEmail InstructEmail" type="email" class="mktoField mktoEmailField mktoHasWidth mktoRequired"
aria-required="true" style="width: 300px;"><span id="InstructEmail" tabindex="-1" class="mktoInstruction"></span>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow">
<div class="mktoFieldDescriptor mktoFormCol" style="margin-bottom: 10px;">
<div class="mktoOffset" style="width: 10px;"></div>
<div class="mktoFieldWrap mktoRequiredField"><label for="FirstName" id="LblFirstName" class="mktoLabel mktoHasWidth" style="width: 300px;">
<div class="mktoAsterix">*</div>First Name:
</label>
<div class="mktoGutter mktoHasWidth" style="width: 10px;"></div><input id="FirstName" name="FirstName" maxlength="255" aria-labelledby="LblFirstName InstructFirstName" type="text" class="mktoField mktoTextField mktoHasWidth mktoRequired"
aria-required="true" style="width: 300px;"><span id="InstructFirstName" tabindex="-1" class="mktoInstruction"></span>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow">
<div class="mktoFieldDescriptor mktoFormCol" style="margin-bottom: 10px;">
<div class="mktoOffset" style="width: 10px;"></div>
<div class="mktoFieldWrap mktoRequiredField"><label for="LastName" id="LblLastName" class="mktoLabel mktoHasWidth" style="width: 300px;">
<div class="mktoAsterix">*</div>Last Name:
</label>
<div class="mktoGutter mktoHasWidth" style="width: 10px;"></div><input id="LastName" name="LastName" maxlength="255" aria-labelledby="LblLastName InstructLastName" type="text" class="mktoField mktoTextField mktoHasWidth mktoRequired"
aria-required="true" style="width: 300px;"><span id="InstructLastName" tabindex="-1" class="mktoInstruction"></span>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow">
<div class="mktoFieldDescriptor mktoFormCol" style="margin-bottom: 10px;">
<div class="mktoOffset" style="width: 10px;"></div>
<div class="mktoFieldWrap mktoRequiredField"><label for="Company" id="LblCompany" class="mktoLabel mktoHasWidth" style="width: 300px;">
<div class="mktoAsterix">*</div>Company Name:
</label>
<div class="mktoGutter mktoHasWidth" style="width: 10px;"></div><input id="Company" name="Company" maxlength="255" aria-labelledby="LblCompany InstructCompany" type="text" class="mktoField mktoTextField mktoHasWidth mktoRequired"
aria-required="true" style="width: 300px;"><span id="InstructCompany" tabindex="-1" class="mktoInstruction"></span>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow">
<div class="mktoFieldDescriptor mktoFormCol" style="margin-bottom: 10px;">
<div class="mktoOffset" style="width: 10px;"></div>
<div class="mktoFieldWrap mktoRequiredField"><label for="Country" id="LblCountry" class="mktoLabel mktoHasWidth" style="width: 300px;">
<div class="mktoAsterix">*</div>Country:
</label>
<div class="mktoGutter mktoHasWidth" style="width: 10px;"></div><select id="Country" name="Country" aria-labelledby="LblCountry InstructCountry" class="mktoField mktoHasWidth mktoRequired" aria-required="true" style="width: 300px;">
<option value="">Select...</option>
<option value="Afghanistan">Afghanistan</option>
<option value="Aland Islands">Aland Islands</option>
<option value="Albania">Albania</option>
<option value="Algeria">Algeria</option>
<option value="American Samoa">American Samoa</option>
<option value="Andorra">Andorra</option>
<option value="Angola">Angola</option>
<option value="Anguilla">Anguilla</option>
<option value="Antarctica">Antarctica</option>
<option value="Antigua and Barbuda">Antigua and Barbuda</option>
<option value="Argentina">Argentina</option>
<option value="Armenia">Armenia</option>
<option value="Aruba">Aruba</option>
<option value="Australia">Australia</option>
<option value="Austria">Austria</option>
<option value="Azerbaijan">Azerbaijan</option>
<option value="Bahamas">Bahamas</option>
<option value="Bahrain">Bahrain</option>
<option value="Bangladesh">Bangladesh</option>
<option value="Barbados">Barbados</option>
<option value="Belarus">Belarus</option>
<option value="Belgium">Belgium</option>
<option value="Belize">Belize</option>
<option value="Benin">Benin</option>
<option value="Bermuda">Bermuda</option>
<option value="Bhutan">Bhutan</option>
<option value="Bolivia">Bolivia, Plurinational State of</option>
<option value="Bonaire Sint Eustatius and Saba">Bonaire, Sint Eustatius and Saba</option>
<option value="Bosnia and Herzegovina">Bosnia and Herzegovina</option>
<option value="Botswana">Botswana</option>
<option value="Bouvet Island">Bouvet Island</option>
<option value="Brazil">Brazil</option>
<option value="British Indian Ocean Territory">British Indian Ocean Territory</option>
<option value="Brunei">Brunei</option>
<option value="Bulgaria">Bulgaria</option>
<option value="Burkina Faso">Burkina Faso</option>
<option value="Burundi">Burundi</option>
<option value="Cambodia">Cambodia</option>
<option value="Cameroon">Cameroon</option>
<option value="Canada">Canada</option>
<option value="Cape Verde">Cape Verde</option>
<option value="Cayman Islands">Cayman Islands</option>
<option value="Central African Republic">Central African Republic</option>
<option value="Chad">Chad</option>
<option value="Chile">Chile</option>
<option value="China">China</option>
<option value="Christmas Island">Christmas Island</option>
<option value="Cocos (Keeling) Islands">Cocos (Keeling) Islands</option>
<option value="Colombia">Colombia</option>
<option value="Comoros">Comoros</option>
<option value="Democratic Republic of the Congo">Congo, Democratic Republic of</option>
<option value="Congo">Congo</option>
<option value="Cook Islands">Cook Islands</option>
<option value="Costa Rica">Costa Rica</option>
<option value="Cote d'Ivoire">Côte d'Ivoire</option>
<option value="Croatia">Croatia</option>
<option value="Cuba">Cuba</option>
<option value="Curacao">Curaçao</option>
<option value="Cyprus">Cyprus</option>
<option value="Czech Republic">Czech Republic</option>
<option value="Denmark">Denmark</option>
<option value="Djibouti">Djibouti</option>
<option value="Dominica">Dominica</option>
<option value="Dominican Republic">Dominican Republic</option>
<option value="Ecuador">Ecuador</option>
<option value="Egypt">Egypt</option>
<option value="El Salvador">El Salvador</option>
<option value="Equatorial Guinea">Equatorial Guinea</option>
<option value="Eritrea">Eritrea</option>
<option value="Estonia">Estonia</option>
<option value="Ethiopia">Ethiopia</option>
<option value="Falkland Islands (Malvinas)">Falkland Islands (Malvinas)</option>
<option value="Faroe Islands">Faroe Islands</option>
<option value="Fiji">Fiji</option>
<option value="Finland">Finland</option>
<option value="France">France</option>
<option value="French Guiana">French Guiana</option>
<option value="French Polynesia">French Polynesia</option>
<option value="French Southern Territories">French Southern Territories</option>
<option value="Gabon">Gabon</option>
<option value="Gambia">Gambia</option>
<option value="Georgia">Georgia</option>
<option value="Germany">Germany</option>
<option value="Ghana">Ghana</option>
<option value="Gibraltar">Gibraltar</option>
<option value="Greece">Greece</option>
<option value="Greenland">Greenland</option>
<option value="Grenada">Grenada</option>
<option value="Guadeloupe">Guadeloupe</option>
<option value="Guam">Guam</option>
<option value="Guatemala">Guatemala</option>
<option value="Guernsey">Guernsey</option>
<option value="Guinea-Bissau">Guinea-Bissau</option>
<option value="Guinea">Guinea</option>
<option value="Guyana">Guyana</option>
<option value="Haiti">Haiti</option>
<option value="Heard Island and McDonald Islands">Heard Island and McDonald Islands</option>
<option value="Holy See">Holy See (Vatican City State)</option>
<option value="Honduras">Honduras</option>
<option value="Hong Kong">Hong Kong</option>
<option value="Hungary">Hungary</option>
<option value="Iceland">Iceland</option>
<option value="India">India</option>
<option value="Indonesia">Indonesia</option>
<option value="Iran">Iran, Islamic Republic of</option>
<option value="Iraq">Iraq</option>
<option value="Ireland">Ireland</option>
<option value="Isle of Man">Isle of Man</option>
<option value="Israel">Israel</option>
<option value="Italy">Italy</option>
<option value="Jamaica">Jamaica</option>
<option value="Japan">Japan</option>
<option value="Jersey">Jersey</option>
<option value="Jordan">Jordan</option>
<option value="Kazakhstan">Kazakhstan</option>
<option value="Kenya">Kenya</option>
<option value="Kiribati">Kiribati</option>
<option value="North Korea">Korea, Democratic People's Republic of</option>
<option value="South Korea">Korea, Republic of</option>
<option value="Kuwait">Kuwait</option>
<option value="Kyrgyzstan">Kyrgyzstan</option>
<option value="Laos">Lao People's Democratic Republic</option>
<option value="Latvia">Latvia</option>
<option value="Lebanon">Lebanon</option>
<option value="Lesotho">Lesotho</option>
<option value="Liberia">Liberia</option>
<option value="Libya">Libya</option>
<option value="Liechtenstein">Liechtenstein</option>
<option value="Lithuania">Lithuania</option>
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THE SILICON VALLEY BANK (SVB) COLLAPSE AND IMPLICATIONS FOR BUSINESS
March 13, 2023 | Publication
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Updated: Friday, March 17, 10:05am EDT
US BANKING CRISIS—ONE WEEK LATER
One week ago, Silicon Valley Bank (SVB) experienced a massive run on its
deposits, resulting in its failure and a consequent roiling of financial
markets. A second bank—Signature Bank—failed, and others came under pressure. To
arrest the crisis, the White House, US Treasury, Federal Deposit Insurance
Corporation, and Federal Reserve (Fed) took quick actions to reassure Americans
that the US banking system is safe. According to the US administration, the
emergency actions do not necessarily constitute a "bailout" given the shifting
of the rescue risks to the private sector, and as stock and bond holders of the
failed banks will not be protected.
PRIMARY ACTIONS INCLUDED:
1. SVB and Signature Bank were given the designation of systemically important
financial institutions (SIFIs) by the US Administration, to allow for
emergency actions on their behalf. Usually only the very largest banks are
given this designation. This systemic risk exception was made just for these
two banks.
2. SVB and Signature Bank depositors were given full access to their funds
starting Monday, March 13. These actions protected uninsured deposits (i.e.,
deposits in excess of $250,000), some of which were from corporate accounts.
Indeed, many SVB clients were venture-funded tech firms, and Signature
largely served private companies and crypto asset firms.
3. The Federal reserve established a new liquidity facility, called the Bank
Term Funding Program (BTFP). Banks, savings associations, credit unions and
other depository institutions holding safe (i.e., high quality) assets, can
swap these assets for cash. The swap is essentially a loan that lasts for up
to a year. The collateral used includes anything for purchase by the Federal
Reserve Banks in open market operations, such as US Treasuries, agency
securities, or agency mortgage-backed securities. Also, while the value of
these assets held by banks for swap have fallen, the Fed will accept them
for 100 cents on the dollar. This facility is designed to shift the risk of
the rescues to the banking (i.e. private) sector and not tax payers.
However, if those banks have losses, there is the potential that the
government will have to absorb the losses on these loans if not repaid in
full.
4. The Treasury will also help backstop the Fed’s BTFP with $25 billion from
its Exchange Stabilization Fund.
SINCE THE GOVERNMENT RESCUES, MARKETS HAVE BEEN IN UPHEAVAL
First Republic Bank came under pressure and received funding offers from the Fed
and JP Morgan Chase, which provided 70 billion of unused liquidity on top of any
funds it can borrow from the Bank Term Funding Program. First Republic Bank
received $30 billion in a joint rescue by 11 large bank banks
While the UK arm of SVB was acquired by HSBC for 1 dollar, regulators have
struggled to find a buyer for the parent SVB. SVB’s creditors formed a group to
potentially profit from the sale of the institution’s nonbank assets if a
bankruptcy filing is placed. This might help bondholders to recover at least a
portion of their losses since the failure.
In Europe, contagion fears were stoked by financial stability troubles at Credit
Suisse Group AG. Swiss regulators offered to provide liquidity to the SIFI after
its shares tumbled and its bond rating collapsed to distressed levels. Although
European markets recovered after the announcement, the selloff in Credit Suisse
shares prompted vigorous buying in European treasuries as fears of contagion to
other European banks mounted. The selloff in Credit Suisse shares ended once it
announced that it will borrow $54 billion in funding from the Swiss National
Bank.
Financial markets have generally sold off as fears of contagion to healthy banks
and to mid-sized banks that may have replicated SVB’s profile in the US and
abroad. Banking stocks tumbled, dragging down major stock indices (Dow and S&P
several hundred points) and US treasury and German Bund yields collapsed.
Falling yields means the price has risen because of a surge in demand as
investors seek “safe-haven” assets. Liquidity declined for these bonds as well
as derivatives of these securities used by investors to lock in prices and hedge
risks. Spreads against these assets also widened, which is a sign of stress.
FED POLICY ACTIONS NEXT WEEK REMAINS UP IN THE AIR
Economic data released amid the turmoil continued to suggest that inflation
remains a problem, but the banking crisis casts doubt over the Fed’s monetary
policy plans. Retail sales dipped in February, after a surge in January (see
Retail Sales reaction), but were still significantly higher compared to a
year-ago. Also, while CPI inflation eased somewhat in February, both overall and
less food and energy, the gauges at 6.0 percent and 5.5 percent, respectively,
remained extremely elevated (see CPI reaction). These readings both suggest that
the Fed still has work to do regarding tamping down inflation.
We, along with many other forecasters, project the Fed will hike interest rates
by 25 basis points at its March 22 meeting. However, if global financial
conditions continue to tighten on bank contagion woes, then the Fed might
consider a pause. Still, a pause would likely be accompanied by a strong message
that the battle to tame inflation is not over and that once financial markets
calm, the central bank will resume tightening. We think three more hikes are
likely ahead (see The Conference Board US Forecast Update).
Bond market volatility reached new pandemic-era heights over the past week
Sources: Bank of America Merrill Lynch and The Conference Board
Banking stocks have collapsed, weighing down broader indexes
Sources: Standard & Poor’s and The Conference Board
**********
Updated: Sunday, March 13, 9:30pm EDT
THE SILICON VALLEY BANK (SVB) COLLAPSE & IMPLICATIONS FOR BUSINESS
On March 10, Silicon Valley Bank (SVB) was shuttered by US regulators after an
insolvency scare prompted a run by depositors. At the time of publication,
regulators are actively facilitating timely sales of SVB’s assets to other
financial institutions with stronger balance sheets and liquidity. Federal
regulators have said that all depositors of Silicon Valley Bank, as well as
also-closed Signature Bank, will be able to access all of their money.
Additionally, the Federal Reserve said it would make additional funding
available to banks to ensure they have “the ability to meet the needs of all
depositors” through a new “Bank Term Funding Program.” This facility will offer
loans of up to one year to banks that pledge US Treasury securities,
mortgage-backed securities, and other collateral.1
While the Federal Deposit Insurance Corporation (FDIC) may be able to contain
the fallout from these two failures, will this lead to a US or even global
financial crisis? The failures are far short of the 2008 crisis that hit the
core of the banking system. However, we posit that contagion risks remain
material, and that further action to restore confidence by regulators to
safeguard the financial system and companies to protect themselves from
financial harm may be warranted to avoid a broader crisis.
INSIGHTS FOR WHAT’S AHEAD
* Regulators must continue to bolster confidence in the US banking system.
Regulators must communicate to the public three points:
1. There is constant monitoring of the financial system and the health of
financial firms;
2. Regulators will take action when necessary, as exemplified by the steps
being taken to contain the two bank failures; and
3. Regulators must continue to provide any extra liquidity that is needed in
the market.
* Regulators must also continue to provide adequate support to the financial
system. We suggest that regulators take specific actions to underpin the
financial system including:
* Transparency – Describing the new policy decisions put in place, including
the new facility, and the seemingly unlimited protection of depositors by
the FDIC.
* Risk assessment – Evaluating the implications of these decisions for the
banking system as a whole and the risks these decisions may have on the
governance of financial institutions.
* Duration – How long these emergency policies will remain in place to avoid
creating other systemic risks.
* Venture capital (VC) backed companies should take measures to protect
clients. Actions include:
* Speaking with investors and reassuring them of the transparency and
robustness of your capital structure and banking relationships.
* Exercising due diligence on your counterparty risk exposure.
* Diversifying deposits across institutions.
* Asking investors to provide emergency liquidity backstops.
* Communicating with suppliers to ensure their liquidity as well as
consistency of supply.
* Looking to raise equity in the near future.
* Banking institutions must take immediate steps to ensure liquidity but also
plan for future crises.
* Immediately
* Take whatever action is needed to ensure liquidity and customer
confidence, including reiterating what Treasury and the Fed have done to
support financial markets.
* Communicate transparently with all clients about liquidity sufficiency.
* Review Asset-Liability Committee (ALCO) strategy with a focus on both
tenor matching (i.e., having the assets and deposits with the same time
profile (e.g., 10-year assets paired with 10-year deposits)) and
liquidity pool depth (i.e., diversifying sources of funding including
commercial paper, repos, triparty agreements, etc.).
* Review counterparty risks for rehypothecation (i.e., when assets your
institution lends are lent again to third parties, which makes your bank
an unsecured creditor to that third party).
* Carry a deeper buffer of cash liquidity than historic business practice
might suggest.
* Future steps
* Lower leverage ratios.
* Reduce investments in risky assets.
* Ensure operating familiarity with the Fed’s discount window. Consider
using it during times of low volatility to guarantee that processes work
and that your institution has established a good relationship with the
Fed window.
* Nonbank firms must take steps to protect their assets and clients from harm.
Important actions include:
* Reviewing the flexibility of operating accounts with your banking
institution.
* Raising liquidity in an abundance of caution.
* Checking the liquidity status of all vendors and suppliers.
* Draw down revolvers (a short-term credit facility from a bank) if needed,
to backstop working capital needs.
* Reassure all stakeholders (customers, employees, and owners) by verifying
and reporting on the depth of your company’s liquidity and banking sources.
* What to expect next? While capital tests may be useful to judge robustness of
banks in some scenarios, we posit that the issue surrounding SVB’s failure
concerned liquidity. Hence, the focus should be on ensuring there is
sufficient liquidity in the US (and by extension, the global) financial
system.
* More shoes may drop. The US banking system is indeed generally healthy and
well capitalized, but even with emergency decisions just announced,
financial institutions should evaluate their ALCO models. Other
institutions may have replicated SVB’s asset-liability model. Consequently,
additional institutions may come under liquidity stress and choose to 1) be
absorbed by a larger institution; 2) partner with other more liquid
institutions to create a more robust entity or consortium; or 3) dissolve.
* Possible contagion to Europe. There are clear concerns about international
contagion given SVB’s operations in the UK. Firms abroad may have similar
ALCO models to SVB’s.
* Potential Stablecoin spillover. There could be spillover between stablecoin
markets as some of their assets may be intertwined in SVB’s assets.
* Fed pause possible. In addition to key economic data reports, this week’s
activity in the banking sector and financial markets will be critical for
determining if the Fed pauses its interest rate hiking cycle. While
inflation remains the most important threat to the real economy, and this
week’s CPI and retail sales reports may further underscore this fact, this
financial crisis might prompt the Fed to not raise interest rates at the
March 22 meeting. Instead, the Fed might state that it is pausing its
campaign in order to wait for financial market volatility to die down and
then resume tightening as appropriate once it feels confident that there
will be no dislocations caused by its actions. Even with a pause, we
believe several more interest rate hikes are in store before the Fed
completes the cycle. However, if financial markets calm over the next few
days, the Fed may proceed with an increase this month.
WHAT HAPPENED TO SVB?
During the week of March 3, SVB experienced a massive bank run – where
depositors withdrew deposits at a scale that overwhelmed the bank. SVB lacked
sufficient cash to meet depositor demands, and on Friday, March 10, the FDIC
seized the bank. Individuals and corporations are insured by the FDIC up to
$250,000 per bank for all assets held at an individual bank.
SVB was the US’ 16th largest bank, mainly serving corporations and
high-net-worth individuals linked to the tech sector. However, at the core, the
FDIC’s guarantees are intended to protect retail (consumer) investors. Hence,
there are grave concerns about whether depositors – many of which are businesses
– will be made whole enough to continue operating and pay workers.
While US banks generally are well capitalized and possess high-quality assets,
SVB’s woes centered primarily around liquidity, which were exacerbated by
downshifts in deposits and net interest margins at the bank linked to weakness
in the tech sector more broadly and rising interest rates. Three factors likely
led to the illiquidity of the institution, with the first being the most
critical:
1. Tenor mismatch: SVB may have accepted short-term deposits from clients but
matched them by purchasing very long-term fixed-rate assets. Ideally,
deposit tenor should match asset tenor. The fault in this strategy is that
a) when interest rates rise, the value of long-term deposits fall; b)
long-term assets can take time to sell; c) selling those assets create a
cash shortfall such that an institution has less depositor money to return
to the client; and d) when assets are sold en masse in a “fire sale” the
bank may not receive the best pricing for those assets. We posit that SVB’s
capital and capital management may have been sound, but its cash and ALCO
management was not. Capital provides reporting information, but cash
provides liquidity.
2. Decline in deposit base: Following the pandemic-era boon, the tech industry
is now experiencing a swoon as consumer demand is shifting away from tech
equipment and services with the return to the office. Interest rates have
also risen precipitously as the Fed is tightening monetary policy to curb
inflation, making debt more expensive for highly leveraged firms in the tech
sector. Meanwhile, input costs, including labor, are on the rise.
Consequently, tech firms have been forced to burn through more cash, as
evident in reduced free cash flow and shrinking margins. IPOs are infrequent
and VCs are unable to raise capital through subsequent funding rounds. If
VCs deploy less cash, then companies are unable to keep more cash in bank
accounts. Together, these dynamics potentially reduced SVB’s deposit base.
Additionally, if SVB possessed a revolving credit facility (i.e., a bank
line or credit card for clients), then companies likely drew on those bank
lines to stay liquid.
3. Shrinking net interest margin: Given the type of clients SVB hosted,
shrinking net interest margin may also have weakened the bank. Net interest
margin is the earnings banks make from paying less in interest on deposits
than the interest charged on loans. SVB’s clients were corporations and high
net worth individuals, both of which tend to be more sophisticated
investors. Moreover, these clients are believed to have possessed billions
of dollars in holdings at SVB, and thereby the leverage to ask for greater
returns on their deposits as interest rates rose.
WHAT ARE THE CONTAGION RISKS?
Small bank failures are common and rarely lead to contagion, but the size of SVB
and the interconnectedness of the global financial market suggest that the risk
of contagion is material. Those risks include the following:
* Indiscriminate runs on other banks.
* Banks with similar lending and liquidity profiles as SVB may come under
severe stress.
* The Fed and Treasury’s actions notwithstanding, there could still be future
runs on more traditional banks by institutional (i.e., firms) and retail
(consumers) customers. These other banks may not be low on liquidity or
have mismatches in the time horizons of their assets vs. liabilities, but
still come under pressure.
* Extensive reviews will be triggered.
* Regulators should review the implications of their emergency actions to
address the current crisis.
* Banks should conduct extensive reviews of the banking relationships with
their financial institution clients, including operating accounts, trading
counterparty activity, and other transactions such, as letters of credit.2
* Banks should conduct extensive reviews of their corporate and retail
clients for the same product sets.
* Seizing up of individual asset markets could occur Large institutional
depositors may choose to hold back their available funds from the short-term
lending market (e.g., commercial paper) while they wait for greater market
clarity. This seizing up occurred during prior financial crises of 1991, 2000
and 2008.
* Foreign contagion is at risk. There could be spread of the US crisis to the
UK given SVB’s operations in that economy’s banking system. This could lead
to suspicion of other foreign firms with similar operating models.
* A further cascade of failures in the opaque crypto market is possible. The
stablecoin market may become unstable given statements by some of the larger
entities operating in this space that their assets are tethered to US
currency and Treasury assets held at SVB. This reinforces concerns that,
without safety nets for stablecoins, losses could emerge even where there are
verifiable deposits.
* Broader contagion to financial markets and to the real economy. The thus far
orderly slowdown in the US economy and layoffs limited to the most impacted
sectors could rapidly become disorderly and flareup into another financial
crisis and deep recession. Bank runs by ordinary consumers could cause a
panic leading to a nosedive in consumer spending and massive job losses as
firms react to the cratering of demand. Hence, the importance of regulators
and financial institutions to continue to reassure Americans that the
financial system is sound.
US Bank failures are common, but contagion is not
Sources: Federal Deposit Insurance Corporation and The Conference Board.
ADDITIONAL RIPPLE EFFECTS
In addition to some degree of contagion, SVB’s demise probably will cause other
ripple effects through banking and financial markets:
* A hole in a major funding market. The dissolution of SVB may gut an important
source of funding for tech firms. SVB might have provided bespoke capital
options and complex lending packages that tech customers often require.
Indeed, the complexity of the lending products might enhance the difficulty
of selling off SBV’s assets. Tactically, without customized capital it
probably will be difficult for capital intensive startups to launch and
remain solvent.
* Flight to safety. SVB’s failure may result in its customers, and others like
them to, seek traditional banks that are more liquid, better capitalized, and
less complex, but less willing to offer customized capital. The largest US
and global banks have the greatest opportunity to benefit in this tenuous
environment.
* Fire sales of assets. The current crisis creates a buying opportunities for
Private Equity and VC funds. Those with capital can potentially create an
entirely new ecosystem for liquidity provision.
* Distressed sales. A few banks or even firms may sell themselves, look for
partners with deep pockets, or even close in reaction to the scrutiny the SVB
episode will bring.
* Unknown externalities. The FDIC’s systemic risk exemption for the two banks
in crisis will have important, as of yet, unknown knock-on effects on the
banking structure and governance.
WHAT ARE THE US GOVERNMENT’S NEXT STEPS?
The SVB event is an “old-school” run on a bank, but by an unusual set of
depositors – particularly large corporations and wealthy individuals instead of
SMEs and consumers. Per policy, the FDIC closed SVB and seized its assets. Once
the initial dust settles, a critical question will remain: what will be the
order of priority for those with claims on SVB’s assets? The following order is
possible:
1. Depositors will be made whole in excess of the prior $250,000 cap.
2. Shareholders and certain unsecured debt holders will not be protected (i.e.,
equity holders could lose the entire value of their holdings; bond holders
may suffer either a partial or total loss).
3. For traders and counterparties, qualified financial contracts (QFCs) may be
honored whether in the money or out of the money.3
4. Letters of credit will be honored.
CONCLUDING THOUGHTS
Regulator-mandated stress testing is paramount, but internal controls are
critical. In this instance, capital and high-quality assets do not appear to be
at the root of the events leading to SVB’s failure, but a dearth of liquidity.
Opacity regarding internal operations and a lack of consideration of the more
extraordinary needs of SVB’s clients might have also contributed to the blind
sighting of regulators and SVB’s ultimate demise.
Hence, corporations must remain on constant alert for cracks in their own
systems, especially in a high interest rate environment (see Three Steps to
Managing Risk in a High-Interest Rate Environment). In addition to constant
monitoring for risks (see Deploying Proactivity, Monitoring, and Vigilance
(Seven Pitfalls of Business Risk Management, Part 1 of 4)), maintaining adequate
cash reserves (see Cash Is King in an Illiquid and Capital-Opaque World (Seven
Pitfalls of Business Risk Management, Part 2 of 4)), and championing due
diligence to defend against external threats (see From Outsourcing Risk
Management to DIY Threat Monitoring and Robustness (Seven Pitfalls of Business
Risk Management, Part 3 of 4)), executives must also choose the right board
members to advise the corporation through the worst of storms (see Your Board
Can Be Your Best Risk Management Defense (Seven Pitfalls of Business Risk
Management, Part 4 of 4)).
1 Federal Reserve Rolls Out Emergency Measures to Prevent Banking Crisis, Wall
Street Journal
2 A letter of credit is a document sent from a bank or financial institution
that guarantees that a seller will receive a buyer's payment on time and for the
full amount – Source: Invetopedia.com.
3 Calls are in the money when the security's price is above the strike price,
and out of the money when the security's price is below the strike price. Put
options are in the money when the security's price is below the strike price,
and out of the money when the security's price is above the strike price. –
Source: TheBalance.com
AUTHORS
DANA M. PETERSON
CHIEF ECONOMIST AND CENTER LEADER, ECONOMY, STRATEGY & FINANCE
THE CONFERENCE BOARD
HOLLIS W. HART
TRUSTEE, CED; SENIOR FELLOW, ESF CENTER
THE CONFERENCE BOARD
FORMER PRESIDENT, INTERNATIONAL FRANCHISE MANAGEMENT
CITI
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