Clients of the bankrupt Silicon Valley Bank (SVB) will be able to access all of their funds starting Monday, March 13, the US Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) said.

“Contributors will have access to all of their money starting Monday, March 13. The taxpayer will not suffer any losses associated with the liquidation of Silicon Valley Bank,” the official joint statement said.

The statement also notes that the US banking system as a whole “remains resilient and on solid foundations, thanks in large part to the reforms that have taken place since the financial crisis and have provided better guarantees for the banking industry.”

Regulators are putting SVB up for auction as part of efforts to contain the effects of the bank’s collapse last week, according to multiple reports.

Last week, Silicon Valley Bank announced that it was selling at a loss a large portion of its investment portfolio and needed to raise additional capital. The panic provoked by this announcement led to a massive withdrawal of funds from the bank, which is a prominent player in the US and Israeli high-tech financing market. As a result, the FDIC announced a temporary suspension of the bank and took control of it to clarify the situation and to check the volume of deposit insurance. This is the first such case since 2008.

Holders of deposits in the amount of up to $100,000 for an individual and up to $250,000 for a corporation will be able to receive their money from March 13. However, many companies, including several hundred Israeli startups, kept much larger amounts in it. The availability of these contributions is being specified.

For Israeli high-tech, we are talking about serious damage. SVB had a flexible lending policy and favorable rates on loans and deposits, and through its representative office in Israel held a larger share of the high-tech segment of the Israeli financial services market than Israeli banks. Many companies kept 10-20% of their funds in Silicon Valley, and some conducted all their financial activities in it.

There are serious fears that companies with a significant part of their funds “stuck” in Silicon Valley will be forced to start mass layoffs due to the inability to pay wages to workers.

In Israel, an operational headquarters is being created in connection with the collapse of Silicon Valley Bank.