The sudden collapse of Silicon Valley Bank (SVB) in the United States has spelt trouble for a number of Australian technology companies.
While no significant losses were reported as the U.S. Federal Reserve stepped in to stabilise the banking system, the collapse caused some disruptions in business activities as many firms were temporarily unable to access their deposits.
Following the demise of SVB, the U.S. Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation announced that the regulators had taken measures to allow the bank’s depositors to access all of their money starting from March 13 (U.S. time)….