Bank of England seeks to wind up Silicon Valley Bank's UK arm

The Bank of England said on Friday that it was seeking a court order to place Silicon Valley Bank UK Limited into an insolvency procedure, after US regulators took over its parent company, SVB Financial Group, earlier in the day.

"SVB UK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits," the BoE said.

UK will have most competitive business rates despite tax hike, Chancellor insists

Under insolvency proceedings for banks in Britain, some depositors are eligible for up to £85,000 ($102,000) of compensation for lost deposits, or £170,000 for joint accounts.

Other assets and liabilities would be managed by the bank's liquidators and any funds recovered would be passed on to creditors, the BoE said.

Bank failures are rare in Britain, with only two lenders going through the BoE's resolution procedures since 2009.

Earlier on Friday, the Financial Times reported that SVB's British arm had sought £1.8 billion of liquidity from the BoE via its discount window facility, which offers emergency funding to banks if they have adequate collateral.

Silicon Valley Bank UK said earlier on Friday that it was a standalone entity with an independent board of directors, ring-fenced from the parent company and other subsidiaries.

US banking regulators took over the parent SVB earlier on Friday in a bid to protect depositors after the largest bank failure since the financial crisis prompted the global banking sector to shed billions in market value.

The rout in SVB's stock, which began on Thursday, has spilled over into other US and European banks.

US banks have lost over $100 billion in stock market value and European banks shed another $50 billion in value over the past two days.

The%20specs

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On Women's Day

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

Superpower%20

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Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

Hajj 2019

• Tears of joy as pilgrims arrive at Jeddah's Hajj Terminal

• Explainer: The Islamic pilgrimage to Makkah

• Editorial: Hajj pilgrims follow new paths to ancient destination

Diriyah%20project%20at%20a%20glance

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Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.