The Financial Supervision He stated that the bankruptcy of the United States bank specializing in cryptocurrencies, Silvergate Bank, It will not affect the economy of the country.
(You can read: Fall of Silicon Valley Bank, would it affect Colombian ventures?)
The bankruptcy of Silvergate Bank, announced this Tuesday, March 14, is added to those of Silicon Valley Bank and Signature Bank.
According to PulseThe United States government sent an alert to banks so that they have greater forecasts about bonds and reserves made in cryptocurrencies.
Following the announcement, the funds of hundreds of companies in Colombia were frozen, which for President Gustavo Petro represents a “threat to pensions.”
“I ask the administrations of private pension funds, given the collapse of foreign markets, to bring pension savings to the country. Today 55% of the pension fund portfolio, that is, the ‘stock’ of pensioners’ savings, is outside the country”said the president through his Twitter account.
(Also read: Bankers agree to help the most vulnerable with low rates)
However, the Financial Superintendency said that the bankruptcy of Silicon Valley Bank does not have a direct impact on the financial system and added that credit institutions do not have capital investments in companies other than their subsidiaries, therefore they are not directly exposed to the closing of the three banks in the United States.
In addition, he argued that private pension funds do not present direct investments in Silicon Valley Bank (SVB), what they do have are some investments in funds that track stock indexes that can affect valuation.
Given the collapse of foreign markets, I ask the administrations of private pension funds to bring pension savings to the country.
Today, 55% of the pension fund portfolio, that is, the stock of contributors’ savings, is outside the country
— Gustavo Petro (@petrogustavo) March 14, 2023
Regarding the bankruptcy of Silicon Valley Bank (SVB), the daily Briefcase They reported that the US Federal Reserve (Fed) and the Treasury Department announced measures.
Silicon Valley Bank specialized in start-ups, startups, and was characterized by investments in the technology industry.
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