From Breitbart:
SVB International Fallout: UK and EU Lenders Lose £30 Billion Overnight as ‘Panic’ Spreads
The fallout from the run on the Silicon Valley Bank in California went international overnight, with British and European Union lenders seeing nearly £30 billion wiped off their portfolios and the Bank of England stepping in to take over the insolvency process for the British arm of SVB to protect the deposits of British firms tied to the bank.
Since Friday, the Stoxx Europe 600 banks index, which also includes leading British lenders, saw a mass sell-off in the wake of the collapse of the Silicon Valley Bank, the largest American bank failure since the 2008 financial crisis. In total, the European-UK banking index saw a one-day decline of 3.8 per cent, with €33.5 billion (£29.6/$35.6 billion) being wiped off their balance sheets.
But don't worry - Ken Sweet at Associated Press has your back:
A major bank failed. Here’s why it’s not 2008 again
The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking — a bank run — which led to its failure on Friday.
Its downfall is the largest failure of a financial institution since Washington Mutual collapsed at the height of the financial crisis more than a decade ago. And it had immediate effects. Some startups that had ties to the bank scrambled to pay their workers, and feared they might have to pause projects or lay off or furlough employees until they could access their funds.
How did this happen? Here’s what to know about why the bank failed, who was affected most, and what to know about how it may, and may not affect, the wider banking system in the U.S.
More at the site - Ken's analysis does not give me the warm and fuzzies...
Interesting times.
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