BREAKING: US government says it will back Silicon Valley Bank customer deposits

Customers of the failed Silicon Valley Bank who have been unable to access their deposits after the federal government seized the bank last week will be able, thanks to the feds, to access their cash as early as Monday.

“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” Federal officials said in a statement Sunday evening.

They clarified in that statement that taxpayers would not be footing the bill for the losses of the bank.

“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,” the statement continued.