deposit protection

It is reported that although several UK venture capital companies expressed support for the Bank of Silicon Valley UK (SVB UK), the Bank of England (BoE) announced to stop its operation and said that the bank was “limited” and did not support the “key functions” of the UK financial system. The Bank of England explained that according to the country’s Financial Services Compensation Scheme (FSCS), “eligible depositors” would be paid a “protected limit” of up to 85000 pounds (approximately US $102288) or up to 170000 pounds (approximately US $204577). The Bank of England has closed the UK branch of the Bank of Silicon Valley Analysis based on this information:The news of the Bank of Silicon Valley UK (SVB UK) ceasing operations surprised the UK venture capital community, as several venture capital firms had expressed support for the bank. However, the Bank of England (BoE) stepped in and announced that the bank’s “limited” nature did not support the “key functions” of…