German financial regulator BaFin said it’s examining the fallout at Silicon Valley Bank in its oversight of the bank’s branch in the country.
(Bloomberg) — German financial regulator BaFin said it’s examining the fallout at Silicon Valley Bank in its oversight of the bank’s branch in the country.
“We have the current developments in view and are reflecting them in our continuing supervision,” a BaFin spokesman in Frankfurt said in response to questions from Bloomberg. He didn’t provide further details. Such attention usually involves contacting the bank to request further data such as any changes in its financial reserves.
Panic spread across the financial world as worries about the health of Silicon Valley Bank, a major lender to fledgling companies, prompted Peter Thiel’s Founders Fund and other prominent venture capitalists to advise portfolio businesses to withdraw their money, even as the bank’s top executive urged calm.
SVB Germany’s latest financial disclosure for 2021 states that it is a “small, non-complex” institution not subject to capital requirements because of reliance on the parent company for capital and liquidity.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.