Statement regarding Silicon Valley Bank

Prepared by Australian Investment Council

The Australian Investment Council is closely monitoring the Silicon Valley Bank situation in the United States and the subsequent implications for the venture capital sector.

The Council has welcomed the US Federal Reserve’s announcement that it will ensure Silicon Valley Bank depositors have full access to their deposits from Monday, 13 March 2023 so they can continue to operate their businesses and announced a similar systemic risk exception for Signature Bank New York.

The Council is continuing to closely monitor the situation as it evolves and should there be any ongoing impacts for our members, who invest in the technology sector, we will co-ordinate with them, and the Australian Government as appropriate.

Venture Capital firms who may have been impacted by this situation are invited to contact the Australian Investment Council.

Published March 2023