The Federal Reserve’s head of banking supervision said he was first made aware of the interest rate risk-related issues at Silicon Valley Bank in mid-February.
Fed Vice Chairman for Supervision Michael Barr told the Senate Banking Committee that Fed staff made a presentation to the central bank’s board in mid-February in which staff indicated they were following up with SVB on risk related to rising interest rates.
“The staff highlighted the interest-rate risk that was present at Silicon Valley Bank and indicated that they were in the middle of a further review,” Barr said.Supervisory staff at the Fed had previously raised serious concerns over SVB’s interest-rate risk and liquidity management and demanded fixes from the bank in November 2021, Barr said.
In mid-2022, Fed staff deemed the bank’s management to be deficient and barred the bank from growing through mergers or acquisitions, Barr said. Fed Vice Chairman for Supervision Michael Barr said he was made aware of Silicon Vallley Bank’s risks in mid-February.Supervisory staff at the Federal Reserve had previously raised serious concerns over SVB’s interest-rate risk in 2021, Barr said.Fed supervisors brought those issues to SVB’s chief financial officer in October 2022, he said, and raised additional concerns to SVB management in November.
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