US bank collapse: Four companies licensed by the Cyprus Securities and Exchange Commission (CySEC) had deposits at Silicon Valley Bank and Signature Bank, the two US banks that collapsed causing fresh turmoil in the global economy.
Addressing a press conference, CySEC Chairman George Theocharides was reassuring, saying that the deposits were of the companies’ own resources and not their customers’ money, noting that US authorities have said all depositors at the two banks will be protected.
The Commission’s Vice-Chairman, George Karatzias, said that CySEC requested information from the supervised companies when the issue with the two banks arose.
“There are four companies with deposits, the vast majority of which had been withdrawn after rumours surfaced that there was a problem with the specific banks. When (the problem) arose, there was a small amount of deposits for each company from their own money, not from their customers’ money,” he said.