Fed says it failed to take forceful action on SVB

A push at the top of the US central bank for looser regulation led officials to miss warning signs at Silicon Valley Bank, according to a review of the collapse of the firm.

The conclusion is one of the main findings from the Federal Reserve's investigation of the failure, the largest in the US since 2008.

The episode sparked global fears about the state of the banking sector.

The report comes as another US lender, First Republic, remains in trouble.

US regulators are reported to be working on a rescue for the struggling firm, which was the 14th largest bank in the US at the end of last year.

But it lost $100bn in deposits last month, as customers pulled funds amid the panic set off by SVB's collapse.

Investors have dumped the firm's shares, sending its stock price plunging 95% since early March.