Schroder UK PublicPT - Update on Silicon Valley Bank
15/03/2023 07:00
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RNS Number : 9642S Schroder UK Public Private Tst plc 15 March 2023
Schroder UK Public Private Trust plc
Update on Silicon Valley Bank
Schroder UK Public Private Trust plc (the "Company") provides this update
following recent developments related to Silicon Valley Bank ("SVB").
Latest developments
Following the closure of SVB by the California Department of Financial
Protection and Innovation on Friday 10 March 2023, the Company welcomes the
statement(2) on Monday 13 March 2023 from The Federal Deposit Insurance
Corporation ("FDIC") confirming the transfer of all deposits and substantially
all assets of the former Silicon Valley Bank of Santa Clara, California, to a
newly created, full-service FDIC-operated 'bridge bank' in an action designed
to protect all depositors. As such, SVB depositors will have full access to
their money beginning the morning of 13 March 2023, when Silicon Valley Bank,
N.A., the bridge bank, opens and resumes normal banking hours and activities.
The Company further welcomes the statement(1) on Monday 13 March 2023 from the
Bank of England ("BoE") that it has taken the decision to sell Silicon
Valley Bank UK Limited ("SVBUK"), the UK subsidiary of the US bank, to HSBC UK
Bank Plc. This action has been taken to stabilise SVBUK, ensuring the
continuity of banking services, minimising disruption to the UK technology
sector and supporting confidence in the financial system. The BoE and HM
Treasury confirmed that all depositors' money with SVBUK is safe and secure as
a result of this transaction. SVBUK's business will continue to be operated
normally by SVBUK. All services will continue to operate as normal and
customers should not notice any changes.
Exposure
In the spirit of full transparency, we would like to update you on the
Company's direct and indirect exposure to SVB.
· Schroder UK Public Private Trust plc (the "Company") has no direct
banking relationship with SVB.
· The Company's underlying portfolio companies have a range of banking
relationships which in some instances include SVB and SVBUK. While the review
of the portfolio is ongoing, on the basis of the information the Manager has
available, the Company's estimated indirect exposure across its portfolio is
~0.8% of Net Asset Value(3).
· Schroders Capital Management (Switzerland) AG as delegated Portfolio
Manager of the Company and its funds have no direct banking relationship with
SVB. Therefore there is no direct exposure from their funds or mandates.
Enquiries:
Schroder Investment Management Limited
Augustine Chipungu
(Press)
0207 658 2106
Shilla Pindoria (Company Secretary)
0207 658 7267
John Spedding
0207 658 3206
(1)
https://www.bankofengland.co.uk/news/2023/march/statement-on-silicon-valley-bank
(https://www.bankofengland.co.uk/news/2023/march/statement-on-silicon-valley-bank)
(2) https://www.fdic.gov/news/press-releases/2023/pr23019.html
(3) Calculated based on the total amount understood by us to be deposited by
portfolio companies with SVB and SVBUK, in each case multiplied by the
Company's fully diluted ownership percentage of the relevant portfolio
company, and the unaudited daily net asset value as of 10 March 2023 (£255.4
million).
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