The Dutch Pharming has a total of 45 million dollars (more than 42 million euros) in an account with the bankrupt Silicon Valley Bank. That amount is regarding a quarter of all cash that the Leiden biotech company has.
The American accounts had $ 26 million, the British $ 19 million. Different insured amounts apply to both accounts. Pharming is sure of the American bill that it will get back $ 250,000. For the British account, it is more than $ 100,000.
The US government announced on Sunday evening (local time) that account holders will be able to access their funds from Monday. The federal government agency FDIC, the Ministry of Finance and the central bank report this in a joint statement. With this they want to “nip further contamination of the financial system in the bud”.
British government comes with emergency aid
Earlier in the day, the British government indicated that it would provide emergency support for start-ups that have lost their money due to the bankruptcy. This should allow them to continue to pay wages and other ongoing costs. Further details will be released on Monday.
On Friday, the SVB was closed by the authorities in the US state of California. It had failed to raise money through the issue of new shares. As a result, the bank might no longer meet its obligations and went bankrupt. The federal public service FDIC has been appointed as administrator.
At the end of 2022, SVB managed over USD 175 billion in assets. This made it the sixteenth-largest bank in the United States.
