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The Silicon Valley Bank's Q4 2022 call report notes:
on page 49 at RCFDF236 ("Total deposit liabilities before exclusions (gross) as defined in Section 3(l) of the Federal Deposit Insurance Act and FDIC regulations") some 175,488,000 thousand in total deposits and
on page 50 the bank's estimate of its uninsured deposits at RCON5597 ("Estimated amount of uninsured deposits in domestic offices of the bank and in insured branches in Puerto Rico and U.S. territories and possessions, including related interest accrued and unpaid") as 151,592,000 thousand in estimated uninsured deposits.
What I mean is that it's difficult to force this into something like a CS1 or CS2 citation. There's no URL. There's no canonical title even, just a description akin to Call report for CERT 24735, and the date? The format of the call report also differs. The physical facsimile is a forgery: I know from experience collecting the call report statistics that nobody actually fills in the call report schedules this way anymore. What matters are in fact the field codes.
Ifly6 (
talk)
10:07, 11 March 2023 (UTC)reply
So is the issue that the PDF, which I presume is the "physical facsimile" to which you're referring (or would be if I printed it out, making it physical rather than a bunch of data in PDF format), is bogus?
Guy Harris (
talk)
07:10, 12 March 2023 (UTC)reply
Nice find. I wasn't able to get a GET-style link through the application. As to the PDF itself, the call reports are not filed that way. The PDF that is generated there is by taking the call report data and placing it into the corresponding fields into the form. The data is actually filled online through the CDR. While I suppose one could cite a specific page of the call report facsimile, it would not reflect the actual data generation process.
Ifly6 (
talk)
08:14, 12 March 2023 (UTC)reply
So there isn't a way to get the raw call report data, presumably?
(If you're curious, the process for getting that link was weird. I went to
https://cdr.ffiec.gov/public/ManageFacsimiles.aspx, selected "Call Report" from the "Report:" menu, type "Silicon Valley Bank"in the "Institution Name" box in the page that popped up after that, clicked "Search Banks", and clicked "Download Results" in the resulting pop-up window. That downloaded a file named "InstitutionSearchResults.txt", which contained
Institution Name Entity Type City State IDRSSD Report Date Report Type Hyperlink
SILICON VALLEY BANK State Member Bank SANTA CLARA CA 802866 12/31/2022 11:59:59 PM Call https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idtype=id_rssd&id=802866&date=12312022
which was obviously not the call report. I then went to that URL and voila. Not the best web site design that I've ever seen....)
Guy Harris (
talk)
09:02, 12 March 2023 (UTC)reply
The raw data can be downloaded as a CSV file. Every field would be a separate column. I think it would be even more of a pain to try to cite that. There are internal data sets which the bank regulators use which have the data processed to a much more readable level. They can be got through FOIA. The website's post forms are extremely annoying and I expect that they were designed in a hurry.
Ifly6 (
talk)
09:14, 12 March 2023 (UTC)reply
Prime minister Benjamin Netanyahu promised tonight that the Israeli government will help these companies with long term loans, and support the banks that help Israeli startups.
on Times of Israel
Bank Leumi and Bank Hapoalim, major Israeli banks already accepted these companies.
Bizportal (in Hebrew)
When first seeing this article on the front page, my initial impression was that a physical bank collapsed -- as in, a structural failure. Perhaps I am in the minority here, but could there be a less ambiguous name of this article? "Collapse" is a bit poetic, just a smidge too metaphorical.
MY CHEMICAL ROMANCE IS REAL EMO!(
talk or whatever)09:21, 12 March 2023 (UTC)reply
Several reputable news sources have described this event as a collapse. This is a common phrase in the context of a banking crisis. Do you have a preferred phrase?
Lucas(CA2) (
talk)
20:04, 12 March 2023 (UTC)reply
Home Depot co-founder
Bernie Marcus said, "I think that the system, that the administration has pushed many of these banks into [being] more concerned about
global warming than they do about
shareholder return. And these banks are badly run because everybody is focused on
diversity and all of the
woke issues and not concentrating on the one thing they should, which is, shareholder returns."[1]
User:Soibanglaremoved it. I think the quote is notable. Fox News is a reliable source when it comes to quoting someone's opinion. The opinion itself may be questionable, but there is no doubt that the person said those words. I think it should be put back in. What do others think?
SquirrelHill1971 (
talk)
00:54, 13 March 2023 (UTC)reply
Marcus' opinion is utterly disconnected from the actual mechanisms and causes of the collapse; SVB's liquidity issues have nothing to do with wokeness and everything to do with concentrated interest rate risk. It shouldn't be included. (I also edited the original post here to make the indents etc clearer and to remove a duplicate signature line.)
Ifly6 (
talk)
03:04, 13 March 2023 (UTC)reply
Fox is also running
a summary of Republican presidential candidates' reactions to the bank's failure. I cited this article for two of the candidates' responses regarding solutions, which are similar to views already mentioned in the article, but I held off on Trump in case folks here think his more partisan response regarding the cause of the failure would be less relevant. Feel free to mention it if it would be appropriate.
Minh Nguyễn💬03:52, 13 March 2023 (UTC)reply
I don't see much if any reporting on the purpose of Silicon Valley Bank N. A., which came out of nowhere overnight.
is it a bridge to a new permanent Silicon Valley Bank N.A., or a bridge to ultimate liquidation, which was the plan yesterday?
soibangla (
talk)
23:55, 13 March 2023 (UTC)reply
It's different from the structure of the failed SVB because it doesn't have the non-deposit liabilities and does have the backstop of the Deposit Insurance Fund. It's different from the DINB plan because it can use cash flow from the failed bank's assets to meet deposits, which a DINB cannot do.
67.180.143.89 (
talk)
00:59, 14 March 2023 (UTC)reply
Washington Post, March 14, 2023
This is titled, "GOP blames Silicon Valley Bank’s collapse on ‘ESG’ policies. Here’s what to know."
My
previous attempt at addressing this subject was dismissed because my only source was Fox News.
Now that the Washington Post has reported on it, I think it deserves additional consideration. The quote from Bernie Marcus that I cited from Fox News is not included in this piece from the Washington Post, but the same general idea is mentioned. I think something from this could improve the article. I'd be curious to hear what others think.
Your change quoted Marcus, giving his (wrong) reaction some sort of importance. It's better to say that conservatives blamed the failure on
wokeism and that there is nothing to back up these claims, rather than repeating them. I'll add the WaPo article.
SWinxy (
talk)
20:00, 14 March 2023 (UTC)reply
The previous discussion focused on the fact that Marcus's opinion was objectively incorrect, not that it was reported on by Fox News. This article does cite different Fox News and Fox Business articles, after all. Anyways, the main focus of the "Reactions" section is about calls for action and calm reassurances from relevant individuals. If we're going to cover speculation about the causes, the most informed speculation should probably go up in the "Collapse" section.
Minh Nguyễn💬20:42, 14 March 2023 (UTC)reply
Should this article continue to include early statements, attributed to experts, that the failure was unlikely to pose a systemic risk? These are rather discredited in view of the impact on other institutions and opinions from the Treasury and the Fed that it did indeed. Although, perhaps one could say that the risk was not from the bank but illustrated by it.
67.180.143.89 (
talk)
16:36, 18 March 2023 (UTC)reply
That seems to be the point made by several commentators this past week, that the perception of risk began taking on a life of its own. But the word "systemic" is open to interpretation, so I
qualified the sentence to be on the safe side.
Minh Nguyễn💬10:13, 20 March 2023 (UTC)reply
Despite its growth in deposits, the bank struggled to find ways to make money off them. Banks typically invest customer deposits in a variety of assets that they can earn a return on, including a mix of long-term and short-term bonds issued by the government — a largely safe bet. But SVB decided that government debt that came due over 10 to 30 years — and offered higher interest rates at the time — was a better bet than shorter-duration bonds, which paid less interest, according to analysts. So it made an outsize bet on long-dated bonds, a lack of diversity that increased its risk.
[2]
That quotation does not justify the statement in the article "Seeking higher investment returns, in 2021 SVB began shifting its marketable securities portfolio from short-term to long-term Treasury bonds"
They took a 2021 surge in new deposits and invested them in long term bonds. There is nothing in your quote about them "shifting" anything.
Wickorama (
talk)
17:33, 1 April 2023 (UTC)reply
Review of SVB's 10k filings shows that its HTM securities with 10y+ maturity ballooned in 2021 without any matching reduction in shorter term holdings. The increase was funded with deposit cash. I updated the wording.
67.180.143.89 (
talk)
21:49, 7 April 2023 (UTC)reply