Regarding the issue of the rights of Cayman Islands depositors of Silicon Valley Bank, Brian Sullivan, senior media relations officer of the U.S. Federal Deposit Insurance Corporation (FDIC), said that in accordance with the Federal Deposit Insurance Act and Section 330 of the U.S. Code of Federal Regulations, customers with Cayman Islands branch accounts Balances held in the Bank are not considered deposits.
The financial report shows that as of the end of 2022, Silicon Valley Bank has $13.9 billion in overseas deposits, which means that this part of the funds will not be protected by any U.S. federal or state deposit insurance. (Yicai Global)
