Europe’s biggest stock exchange markets opened with losses on Monday, as investors, not only in the continent but also internationally, were concerned about the impact of the collapse of Silicon Valley Bank.

On the European boards, the pan-European Stoxx 600 index opened with a 0.3% drop, while shortly before 10:30 it was down 0.57%, at 451 points. In Germany, the DAX index fell 0.38% to 15,368 points.

In Britain, the FTSE 100 lost 0.36% after the announcement of the acquisition of the British arm of Silicon Valley Bank by HSBC Holdings for 1 pound. France’s CAC is down 0.57% and Milan’s FTSE is down 1.07%. The General Index also recorded losses of 1.1%, with banks “losing” 2.5%.

Silicon Valley Bank UK has today been sold to @HSBC.

This transaction has been facilitated by the @bankofengland in consultation with HM Treasury.

No taxpayer money is involved and customer deposits have been protected.

Find out more ⬇️https://t.co/Dmfjdx7duC

— HM Treasury (@hmtreasury) March 13, 2023

Meanwhile, the US government is scrambling to put the brakes on a possible banking crisis after the collapse of Silicon Valley Bank. The US authorities have assured the depositors of the liquidated financial institution that they will be allowed to recover all their deposits as early as this Monday.

The measure was announced by Treasury Secretary Janet Yellen together with the Federal Reserve Bank (Fed) and the Federal Deposit Insurance Corporation (FDIC), after consultation with US President Joe Biden.

Joe Biden said those responsible for the bankruptcy of Silicon Valley Bank and Signature Bank will be “held accountable.” “I’m firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.

I’ll have more to say on this tomorrow morning,” he said. Biden is expected to take a public stance on the collapse of the two financial institutions and the authorities’ actions.

I’m firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.

I’ll have more to say on this tomorrow morning.

— President Biden (@POTUS) March 13, 2023

US authorities announced on Sunday that they will allow all customers of liquidated Silicon Valley Bank to recover all their deposits as early as Monday, a decision out of the norm, intended to reassure citizens and restore the trust of businesses in the institutions.

US regulators shut down Signature Bank

The New York Financial Conduct Authority (NYDFS) announced on Sunday that it has taken over Signature Bank, which is based in the city, and that its bankruptcy trustee is the Federal Deposit Insurance Corporation (FDIC).

As of Dec. 31, 2022, Signature Bank had $88.59 billion in savings, the agency said. This is the second US bank to collapse in a few days.

Signature Bank did not immediately respond to a Reuters request for comment.

The U.S. Treasury Department assured in a press release issued jointly with the two aforementioned regulators that all Signature Bank depositors will receive their money in full and that “there will be no loss to the taxpayer.”