Silicon Valley Bank: Money in failed US bank is safe - US government

People and businesses who have money deposited with failed US bank Sillicon Valley Bank (SVB) will be able to access all their cash from Monday, the US government has said.

A statement from the Treasury, the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said depositors would be fully protected.

The taxpayer will not bear any losses from the move, the statement said.

It was the largest failure of a US bank since the financial crisis in 2008.

The move came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.