- 美國聯邦存款保險公司(FDIC)於3月10日宣布關閉並接管SVB，根據FDIC數據截至2022年底，SVB擁有的1,750億美元存款當中，89%沒有保險
- 3月13日SVB重啟，存戶可以取得他們所擁有的資金，納稅人不會承擔與矽谷銀行決議相關的損失。但股東與部分無擔保債務持有人將不會受到保護
- 聯準會將會向符合條件的金融機構提供額外資金，確保銀行有能力滿足所有存款人的需求，該行動將加強銀行系統保護存款的能力
矽谷銀行(Silicon Valley Bank/SVB)成立於1983年，專門提供科技新創企業銀行服務。根據美國聯邦存款保險公司(FDIC)數據，是美國第16大商業銀行，2022年底資產總額為2,090億美元，卻在2023年3月10日發生無預警倒閉。
SVB主要服務位於矽谷的新創公司，多數新創公司受惠於2021年新冠肺炎大爆發後，包括美國等多國央行陸續推出量化寬鬆(QE)，以及線上與WFH商機興起，而獲取大量風險性資金，SVB因此取得大量存款。SVB為去化存款，轉而佈建大規模債券投資組合，標的主要為美國10年期公債。
2022年3月起，美國聯準會為抑制通膨而快速升息，至2023年1月底共計升息18碼。因融資成本大幅上升，削弱科技類企業籌資優勢，多數新創公司放棄首次公開發行(IPO)，部分SVB客戶開始大量提領存款，滿足流動性需求。然而高利率也侵蝕SVB與其他銀行在接近零利率時所購入的長期債券價值。3月8日SVB出售估計規模為210億美元的債券投資組合，取得的平均殖利率為1.79%，而出售時10年期公債殖利率約在3.9%，因此被迫認賠18億美元。
3月9日SVB宣布賠本出售部分有價證券，並將出售22.5億美元的普通股與可轉換特別股，用來支持資產負債表，引發主要風險投資公司恐慌。部分創投公司的建議讓更多客戶向SVB提領存款，嚇跑原本計畫等待SVB售股的投資人，3月9日籌資計畫失敗。美國聯邦存款保險公司(FDIC)於3月10日宣布關閉並接管SVB，根據FDIC數據截至2022年底，SVB擁有的1,750億美元存款當中，89%沒有保險。
美國財政部、聯準會與FDIC於3月12日公告，相關單位正採取果斷行動，加強民眾對銀行體系的信心，藉此保護美國經濟。這一步驟將會確保美國銀行系統繼續發揮保護存款，與為家庭及企業提供信貸管道的重要作用，促進強勁且可持續性的經濟成長。3月13日SVB重新開放，存戶可以取得他們所擁有的資金(意味不限於存款保險的25萬美元上限)，納稅人不會承擔與矽谷銀行決議相關的損失。但股東與部分無擔保債務持有人將不會受到保護，高階管理者也將被撤職。存款保險基金為支援未投保的存款人而遭受的任何損失，將根據法律透過對銀行特別評估來彌補。
美國聯準會3月12日公告，為支持美國企業與家庭，將會向符合條件的金融機構提供額外資金，確保銀行有能力滿足所有存款人的需求，該行動將加強銀行系統保護存款的能力，並確保持續向實體經濟提供貨幣與信貸。聯準會提供的額外資金，需透過建立銀行定期融資計劃(BTFP)來取得，聯準會向銀行、儲蓄協會、信用合作社等符合條件的存款機構，提供為期1年的貸款，以美國公債、機構債券、抵押貸款證券，或其他合格的資產做為抵押品，這些資產將會依面值估價。BTFP是高質量證券額外流動性來源，避免機構在壓力下被迫快速認賠出售這些債券。美國財政部將會從外匯穩定基金中提供250億美元，作為BTFP的資金擔保，存款機構還是可以透過貼現窗口取得各種抵押品的流動性。
總結美國政府對於這次金融機構風險的處置：
1.聯邦儲蓄保險公司(FDIC)以「完全保護所有存款人」的方式解決SVB問題，同樣的所有在Signature銀行存款人也可全額拿到存款。
2.聯準會(Fed)宣布一項新的「銀行定期融資計劃(Bank Term Funding Program/BTFP)」，此計畫提供條件更優惠的一年期貸款給銀行。
3.Fed也將放寬貼現窗口，這項主要直接融通機制的貸款條件。
將時間拉回到2020年初全球因新冠肺炎大流行，主要國家陸續推出超寬鬆貨幣政策。美國聯準會不僅將指標聯邦基金利率降回到0%~0.25%，更推出無限量購債(量化寬鬆/QE)，致使過去3年美國銀行業習慣將客戶的存款投入固定收益工具(如美國政府公債)，取得收益後支付存款利息，賺取當中利差。根據FDIC數據顯示，2020年4月起的2年內，美國銀行業者收到4.2兆美元的存款，當中放貸出去約10%，2兆美元投入到包括債券的有價證券。SVB深信利率將維持在低檔，因此將多數資產投入美國公債，無奈遇到2022年3月起美國聯準會為了快速壓抑通膨而快速升息，致使SVB持有的美國公債價格暴跌，出現大量帳上損失，造成存戶擔心存款而引發擠兌潮，在此同時也因聯準會積極升息緊縮貨幣，導致加密貨幣與科技類股大跌，主要的新創公司客戶資金短缺，也來領取存款因應，造成SVB短期內存款大量流失，被迫認賠賣出長期公債部位。
圖資來源：skynews
Joint Statement by Treasury, Federal Reserve, and FDIC
Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.
The Federal Reserve is prepared to address any liquidity pressures that may arise.
The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress.
With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.
After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolutions of Silicon Valley Bank and Signature Bank in a manner that fully protects all depositors, both insured and uninsured. These actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy.
The Board is carefully monitoring developments in financial markets. The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.
Depository institutions may obtain liquidity against a wide range of collateral through the discount window, which remains open and available. In addition, the discount window will apply the same margins used for the securities eligible for the BTFP, further increasing lendable value at the window.
The Board is closely monitoring conditions across the financial system and is prepared to use its full range of tools to support households and businesses, and will take additional steps as appropriate.
資料來源： 經濟日報