Silicon Valley Bank collapse: what happens next?

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President Biden has said the US banking system remains safe, after the failure of the California-based Silicon Valley Bank. In a televised address from the White House, Mr Biden said his administration had acted to ensure that SVB customers would be able to get all their money. It is the largest failure of a US bank since the financial crisis in 2008. (Picture: SANTA CLARA, CA, US - MARCH 13: A view of Silicon Valley Bank headquarters in Santa Clara, CA, after the federal government intervened upon the bankâs collapse, on March 13, 2023. Picture Credit: Getty Images).