Following the recent collapse of Silicon Valley Bank ("SVB") and the intervention by the Federal Deposit Insurance Corporation ("FDIC") to avoid a financial crisis, the Cayman Islands Monetary Authority (the "Authority”) has been actively assessing the situation and has been in contact with representatives of the SVB Cayman Islands branch. The Authority is also engaging with the relevant US regulators to discuss a way forward.
According to a joint press release, the FDIC stated that depositors of SVB will be safeguarded.
The Authority is carefully monitoring developments in the market and will always take the necessary actions if and when necessary.
Relevant updates will be provided as appropriate.