- Deposits will be protected, with no taxpayer support
- The announcement supersedes statement that intended to mark SVB UK as insolvent
- No other UK banks are directly materially affected by these actions
The good news here is that at least the BOE won't have to resort to Fed-style intervention to deal with the fallout domestically. We should also likely see a sale take place in the US too in the coming days to arrest the fallout even more.