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ARTICLE · 20 MARCH 2023

Observations On Bank Rescue And Funding Program

Winston Taylor
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In a surprising and ground-breaking Joint Statement issued late Sunday afternoon, March 12, 2023, the U.S. Department of the Treasury (Treasury), the Board of Governors...

United StatesFinance and Banking
Carl Fornaris
Carl Fornaris
Timothy W. Walsh
Timothy W. Walsh
Juan Azel
Juan Azel
Aaron M Berlin
Aaron M Berlin
Kobi Kennedy Brinson
Kobi Kennedy Brinson
Monica Lopez-Rodriguez
Monica Lopez-Rodriguez
George E. Mastoris
George E. Mastoris
Kimberly A. Prior
Kimberly A. Prior
David E. Rogers
David E. Rogers
+3 more

In a surprising and ground-breaking Joint Statement issued late Sunday afternoon, March 12, 2023, the U.S. Department of the Treasury (Treasury), the Board of Governors of the Federal Reserve System (the Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) jointly approved actions enabling the FDIC to complete its resolution of one recently failed bank "in a manner that protects all depositors." At the same time, the agencies announced a similar systemic-risk exception for Signature Bank (New York, NY), which the New York Department of Financial Services closed earlier on Sunday. As a result, the agencies announced that all depositors of these two institutions will be "made whole"—with depositors of the failed bank in California having access to all of their funds starting Monday, March 13, 2023 (it was unclear when depositors of Signature Bank would have access to their funds). The Joint Statement emphasized that:

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