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US guarantees Silicon Valley Bank deposits amid bank crisis fears

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The United States government has announced it will guarantee deposits at failed Silicon Valley Bank (SVB), as financial regulators rush to alleviate fears the tech-focused lender’s collapse could set off a broader financial crisis.

In a statement on Sunday, the US Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said that all customers would be protected and be able to fully access their funds following the bank’s collapse.

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