US govt resists 'bailout' label

NEW YORK CITY: US authorities may have taken extraordinary steps in recent weeks to assure depositors of failed lenders Silicon Valley Bank (SVB) and Signature Bank, but they are avoiding parallels with bailouts of the 2008 crisis — which have been criticized.

Days after SVB's collapse this month, the Treasury Department, Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) announced that its depositors along with those of Signature Bank would have access to their money.