Bank regulators raced over the weekend to avoid a broader crisis from Friday’s stunningly hasty collapse of Silicon Valley Bank by trying to sell the lender’s assets to shield the banking system and economy from wider fallout.
U.S. regulators on Sunday said they are auctioning the failed bank, according to people familiar with the matter. Treasury officials confirmed the auction to congressional lawmakers and staff on a call Sunday afternoon, the people said.
It wasn’t immediately clear when the results would be announced.
In addition, regulators are considering more extraordinary measures such as deeming the failure of SVB to be a systemic risk to the financial system, people familiar with the matter said. That could give regulators more flexibility to backstop uninsured deposits.
Source : Stemming Spread of Silicon Valley Bank’s Failure is Priority for Regulators