Statement on Silicon Valley Bank (2023-03-15)

Summary

This is a short public notice issued by the Cayman Islands Monetary Authority (CIMA) on 15 March 2023 in response to the collapse of Silicon Valley Bank (SVB) in the United States and the subsequent intervention by the US Federal Deposit Insurance Corporation (FDIC). CIMA states that it has been monitoring the situation, is in contact with representatives of the SVB Cayman Islands branch, and is engaging with relevant US regulators.

• FDIC assurance: The notice references a joint press release in which the FDIC stated that SVB depositors would be safeguarded.
• Ongoing monitoring: CIMA says it is carefully monitoring market developments and will take necessary action if and when required.
• Further updates: CIMA will provide further updates as appropriate.

This is purely an informational statement reassuring the industry and public about CIMA's awareness and monitoring of the SVB situation. It does not impose any new rules, filing requirements, or compliance obligations on regulated entities.

Applies to

SVB Cayman Islands branch