US regulators will protect all deposits at Silicon Valley Bank

US regulators have announced that they're taking action to "fully" protect all deposits at Silicon Valley Bank (SVB), CNBC has reported. The institution is home to a large number of startups and established companies like Roku and Etsy, which will have full access to their funds as of today. At the same time, officials said there will be "no bailouts" and that shareholders and unsecured creditors won't be protected.

"Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system," the FDIC, Treasury Department and Federal Reserve said in a joint statement. "Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."

In addition, HSBC UK agreed to purchase Silicon Valley Bank's UK division for a symbolic £1 to prevent the company's collapse in that region, the UK government announced. As in the US, both deposits and public funds are protected. "Today the government and the Bank of England have facilitated a private sale of Silicon Valley Bank UK," the press release states. "This ensures customer deposits are protected and can bank as normal, with no taxpayer support."

The FDIC took over SVB on Friday following the largest US bank collapse in nearly 15 years. There were concerns that numerous tech startups and companies wouldn't be able to make their payrolls, and Etsy said yesterday that payments to merchants may be delayed. On Friday, Roku announced that it could lose as much as 26 percent of its cash reserves, or more than $487 million, due to the collapse.