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Before last week, few outside the venture capital and startup worlds had heard of Silicon Valley Bank.
That all changed pretty quickly.
SVB had bet big on long-term bonds, locking in interest-rate risk. When rates duly rose, it had to sell those positions on the cheap to meet a growing clamour for deposits.
On 9 March, $42bn went out the door, as SVB bled the equivalent of $4.2bn an hour — or $1m a second.
SVB tried to raise capital to stem the flood but failed.
Regulators stepped in as the second-largest banking collapse in US history, and the third banking collapse in the US this month, unfolded.
The UK arm said it was insulated from the troubles of its US parent. But late on 10 March, authorities stepped in to shut SVB's UK presence too, kick-starting a dramatic weekend of government talks and rival bids for the lender.
Financial News has been covering developments as they unfolded. Here's your catch-up service:
Short-sellers eye First Republic Bank, Western Alliance as SVB fallout spreads
KPMG in the spotlight over Silicon Valley Bank audits
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Silicon Valley Bank UK sold to HSBC for £1
Six reasons Silicon Valley Bank isn’t another 2008 crisis
‘We need a plan for Monday’: UK authorities scramble to stem Silicon Valley Bank fallout
The Bank of London bids for Silicon Valley Bank UK as government races to find buyer
Short-sellers make $600m in one day on Silicon Valley Bank crisis
Silicon Valley Bank closed down by regulators
Banks including JPMorgan, Charles Schwab, see $52bn rout on SVB’s deposit losses
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