Watch: Senate committee holds hearing on Silicon Valley Bank collapse

A US Senate committee held a hearing on the collapse of Silicon Valley Bank on Tuesday, 28 March.

It is the first of several hearings in DC on the collapse of SVB and Signature Bank around two weeks ago.

Federal Deposit Insurance Corporation chair Martin Gruenberg addressed the hearing, along with Federal Reserve official Michael Barr.

Barr has asserted that Silicon Valley Bank’s own management was largely to blame for the bank’s failure.

The committee heard from Nellie Liang, under secretary at US Treasury Department.

A rescue deal saw the group’s UK arm sold to HSBC.

Bank of England governor Andrew Bailey says the collapse was the fastest failure since Barings in 1995.

“The US authorities are still dealing with some of the consequences of the issues and the issues with regional banks which we saw with SVB,” he told the Parliament’s Treasury Committee.

Click here to sign up for our newsletters.