The US Treasury Secretary, Janet Yellen, announced today that she is working closely with the financial regulators to stand up to the situation in the financial sector after the collapse of Silicon Valley Bank. Yellen said that she is holding talks with the regulators to try and find a solution to the bank’s collapse in order to protect The depositors who were harmed as a result of the fall and its nationalization. However, the minister states that a large bailout by the state is not currently on the agenda.

Yellen informed reporters that “throughout financial crises, many investors and owners of large banks were rescued by the state. I want to be clear that we are not going to do that now.” She added that she and her people “are currently taking care of the depositors who were affected by the bank collapse and are trying to find a solution to meet their needs.” It seems from Yellen’s words that those who hoped that the US federal government would save them this time like In the previous times it is expected to be disappointed.

The collapse of Silicon Valley Bank last Thursday continues to make waves in the financial sector. While those who managed to get their money out of the bank’s holding did not come out profitable, and came out of the economic crisis without a shortage of the capital they invested in the bank, those who failed to get their money out are expected to face the American regulator. Yellen’s announcement now comes as an unpleasant surprise to the sector, which was expecting support from the federal government – which has more than once supported banks that have entered a liquidity crisis.

Silicon Valley Bank was nationalized and closed on Friday by the FDIC, and the bank’s offices – including the branch in Herzliya – are expected to open tomorrow (Monday) morning US time under the management of an arm of FIDC and according to his promise, the online services will also be available during normal business hours.

Access to the accounts will be renewed according to the insurance plan purchased by the customer on his accounts: insured customers will receive access to all of their accounts starting Monday and cover up to $250,000. Uninsured customers will have to wait until the Authority manages to foreclose on some assets to access their money. According to sources related to the FIDC, it will distribute to the uninsured customers part of the deposit amount as a dividend as early as next week, apparently to avoid a situation where salary payments are delayed.