House of Commons · Written Ministerial Statement
Report on the Use of the Bank of England’s Transfer Power to Resolve Silicon Valley Bank UK
06 November 2024 · Treasury
Proposed by Tulip Siddiq Lab Hampstead and Highgate
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The government has deposited a report from the Bank of England on the resolution of Silicon Valley Bank UK in both Houses' Libraries.
- The report is available on the Bank of England's website to ensure transparency.
- No specific future actions are proposed beyond the dissemination of this report.
Issue summary
The statement addresses the use of the Bank of England's transfer power under the Special Resolution Regime to resolve Silicon Valley Bank UK.
Action requested
The government has deposited a report from the Bank of England on this resolution in both Houses' Libraries and made it available on the Bank's website, demonstrating commitment to transparency. No specific future action is proposed beyond informational dissemination.
Key facts
- The Bank of England used its transfer power under Section 79A of the Banking Act 2009.
- The report has been deposited in both Houses' Libraries and published on www.bankofengland.co.uk.
- HSBC UK took over Silicon Valley Bank UK.
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Summary accuracy