Brief: Trifork Expects Recoverable Amount From SVB UK To Be EUR 1.6-3.2 MLN

Trifork AG

13/03/2023 08:12

March 13(Reuters) - Trifork Holding AG  TRIFOR.CO :
    * SAID ON SUNDAY THAT IT IS AWARE SILICON VALLEY BANK WAS
CLOSED
BY THE CALIFORNIA DEPARTMENT OF FINANCIAL PROTECTION AND
INNOVATION, AND THAT THE FEDERAL DEPOSIT INSURANCE CORPORATION
WAS APPOINTED AS A RECEIVER
    * ACCORDING TO THE FDIC, ALL INSURED DEPOSITORS OF SVB WILL
HAVE
FULL ACCESS TO THEIR INSURED DEPOSITS BY MARCH 13
    * CO HAD ABOUT $3.7 MLN, EQUAL TO AROUND 14% OF ITS TOTAL
CASH AND
CASH EQUIVALENTS, AT SVB UK, WHICH HAS BEEN STATED TO BE "RING
FENCED" FROM THE PARENT AND SISTER COMPANIES
    * OF CO'S DEPOSITS WITH SVB UK, EUR 0.3 MLN IS SECURED AND
EUR 3.2
MLN UNINSURED
    * AT THIS TIME, CO DOES NOT KNOW TO WHAT EXTENT IT CAN
RECOVER ITS
UNINSURED CASH ON DEPOSIT AT SVB UK
    * EXPECTS RECOVERABLE AMOUNT TO BE BETWEEN EUR 1.6-3.2 MLN
WHICH
WOULD BE EQUAL TO A POTENTIAL LOSS ON FINANCIAL ASSETS BETWEEN
EUR 0-1.6 MLN
    * SITUATION DOES NOT HAVE ANY IMPACT ON CO'S GUIDANCE FOR
2023

        
 Source text for Eikon: [https://bit.ly/4045KLM]
 Further company coverage:  TRIFOR.CO  

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