Updated Statement on Silicon Valley Bank (2023-03-31)

Summary

This is a short informational notice from the Cayman Islands Monetary Authority (CIMA) providing an update on the situation following the failure of Silicon Valley Bank (SVB) and the appointment of the FDIC as receiver. It confirms that CIMA has continued engaging with the FDIC and other stakeholders regarding the receivership process and its impact on SVB's Cayman Islands branch.

• FDIC notices: As of 31 March 2023, CIMA understood the FDIC would soon issue notices directly to SVB Cayman Islands branch customers about next steps.
• Customer contact: The notice provides SVB's customer call center phone numbers for reference.

The notice does not impose any new rules or requirements on regulated entities; it is purely an informational update on an ongoing situation, indicating CIMA will continue monitoring and take appropriate action if necessary.

Applies to

SVB Cayman Islands branch customers