Prime Minister Benjamin Netanyahu related this evening (Saturday) to the collapse of Silicon Valley Bank.
“I am closely monitoring the collapse of the American investment bank, Silicon Valley Bank, which has led to a major crisis in the high-tech world”, the Prime Minister, who is concluding a visit in Italy, said, “From Rome, I have held talks with senior high-tech figures in Israel”.
“Upon my return to Israel, I will discuss the scope of the crisis with the Finance and Economy ministers and the Governor of the Bank of Israel”, Netanyahu added, “If necessary, out of responsibility to Israeli high-tech companies and employees, we will take steps to assist the Israeli companies, whose center of activity is in Israel, to weather the cash-flow crisis that has been created for them due to the turmoil”.
“The Israeli economy is strong and stable, which finds expression in this crisis as well,” Netanyahu concluded.
On Friday, The Federal Deposit Insurance Corporation announced that financial regulators had closed Silicon Valley Bank and taken control of its deposits. This is the largest American bank failure since the global financial crisis in the late 2000s.