SVB failure: we can bank on more trouble to come

(Image: Getty)

Thu, 16 Mar 2023

I was among those breathing a sigh of relief on Monday when the US government decided to cover depositors with uninsured cash held at the Silicon Valley Bank (SVB). As a contractor for an American tech company that banked with SVB, the prospect of my US colleagues not being able to meet payroll this week was real. But that was nothing compared to the comfort Peter Beck at Rocket Lab would have felt at the news. The company had US$38 million (NZ$60.9m), or around 8% of its cash, locked up in SVB, which was taken over on Friday by the...

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