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Silicon Valley Bank UK resolution, transfer to HSBC explained in BOE report

( November 6, 2024, 13:41 GMT | Official Statement) -- MLex Summary: The Bank of England has issued a report detailing how it used its transfer power under the Special Resolution Regime to resolve Silicon Valley Bank UK, by transferring SVB UK’s ownership to HSBC UK. The transfer power was provided for by the Banking Act 2009, which requires the BOE to provide a report to the finance ministry whenever it exercises it. Tulip Siddiq, minister for financial services, thanked the staff of the BOE “for the dedication they demonstrated when they took swift and decisive action to protect financial stability.”...

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