When the mirage of market value changes meets reality

When the mirage of market value changes meets reality
Silicon Valley Bank collapsed after too many depositors withdrew money. (Image: Getty)
Jenny Ruth
One of the more startling facts spat out of the Silicon Valley Bank collapse is that US accounting rules allowed it to hold much of its investments in Fannie May paper at face value.This is because Silicon Valley Bank (SVB) had intended to hold these securities until they matured. A scroll through SVB’s latest filing with the US Securities and Exchange Commission (SEC), its annual report for calendar 2022, showed the portfolio of US$91.3 billion (NZ$148.3b) of mainly mortgage-backed securities was carried on the balance sheet at that...

More Finance

What now for RBNZ govt appointment
Finance

What now for RBNZ govt appointment

The aftermath of RBNZ chair Quigley's resignation. 

Dileepa Fonseka 29 Aug 2025
BNZ unfazed by surcharge ban amid Payap push
Finance

BNZ unfazed by surcharge ban amid Payap push

BNZ says its 'Swerve the surcharge' ads were planned ahead of the ban.

Gregor Thompson 26 Aug 2025
ComCom taking Westpac to court over CCCFA breach
Finance

ComCom taking Westpac to court over CCCFA breach

More than 14,000 Westpac customers affected by CCCFA breach, ComCom said.

Garth Bray 25 Aug 2025