Important information about deposits, the UK Financial Services Compensation Scheme and US depositors.
It is important to note that if Silicon Valley Bank were to go into liquidation, deposits maintained in the UK Branch would not have the benefit of deposit insurance of the US Federal Deposit Insurance Corporation. In addition, UK Branch deposits would not have the same preferred status over non-deposit creditors as do deposits payable in the US. This means that depositors of the UK Branch would receive payment from the liquidated Silicon Valley Bank assets only after all uninsured US deposits were fully paid. In that case, you would be an unsecured creditor of Silicon Valley Bank and would be repaid only to the extent that assets remain available after repaying all other secured creditors. Silicon Valley Bank is covered by the UK Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if Silicon Valley Bank is unable to meet its financial obligations.
Your eligible deposits with Silicon Valley Bank UK are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
For more detailed information about coverage and limits, please review our FSCS Information Sheet.