Joint statement by the Department of the Treasury, Federal Reserve, and FDIC

It was announced as a footnote in this Treasury announcement , which also guarantees 100% deposits for both SVB and Signature Bank above 250k

> After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13.

this is also material. means the fear for SVB depositors being unsecured creditors stops today.

“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”

> No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

i'm out of touch with how much of this works, can someone explain how this is paid without burden to the taxpayer?

All depositors will be made whole. Good news. Wonder how many more will still fail this week.