The failure of Silicon Valley Bank (SVB) happened incredibly quickly. By the evening of March 10, just two days after announcing a share offering, which triggered the subsequent events, a full-scale run on the bank was in progress. Then the US Federal Deposit Insurance Corporation (FDIC) stepped in.
If the emergence of the crisis was rapid, so was the subsequent stabilisation and resolution of SVB that weekend. On Sunday, March 12, US Treasury Secretary Janet Yellen announced that all depositors in SVB would have access to all of their money the following day.
