According to a report by the Times of Israel, the country’s two largest banks were able to transfer $1 billion out of Silicon Valley Bank to accounts in Israel before it was seized by the feds.
Silicon Valley Bank (SVB), the 16th largest bank in the United States at the time of its failure late last week, collapsed after a run on deposits and was placed into the receivership of the Federal Deposit Insurance Corporation (FDIC).
The bank’s collapse represented the second biggest bank failure in U.S. history, with the FDIC being forced to guarantee 100 per cent of both insured and uninsured customer deposits.
While the collapse of SVB took many by surprise, financial authorities in Israel were apparently ahead of the curve.
“Israel’s two largest banks, Bank Leumi and Bank Hapoalim, set up a situation room that has been operating around the clock to help firms transfer their money from SVB — before it was seized — to accounts in Israel,” reports the Times of Israel.
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