CURRENT AFFAIRS

Detailed explanation-1: -The U.S. takes emergency measures to protect all deposits at Silicon Valley Bank.

Detailed explanation-2: -It’s worth noting that the Silicon Valley Bank collapse wasn’t caused by risky investments or fraud, but by the bank simply not anticipating the effect of locking its depositors’ money into relatively low interest rate securities.

Detailed explanation-3: -The failed Silicon Valley Bank (SVB) will be mostly taken over by First Citizens, a North Carolina lender, and its collapse will cost $20bn (£16bn) in deposit insurance payouts, US regulators have said.