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Speaker 1: My name is Lily Maddon and I'm a proud Arunda

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Speaker 1: Bunjelung Calcuttin woman from Gadighl Country. The Daily oz acknowledges

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Speaker 1: that this podcast is recorded on the lands of the

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Speaker 1: Gadighl people and pays respect to all Aboriginal and Torres

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Speaker 1: Strait Island and nations. We pay our respects to the

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Speaker 1: first peoples of these countries, both past and present.

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Speaker 2: Good morning and welcome to the Daily os It's Tuesday,

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Speaker 2: the fourteenth of March. I'm sam, i'm zara. A major

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Speaker 2: US bank has collapsed, raising questions about the banking industry,

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Speaker 2: but also the economy at large.

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Speaker 3: Alarmo outside headquarters of Silicon Valley Bank in Santa Clara,

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Speaker 3: California Today.

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Speaker 2: Dark and shuttered. Silicon Valley Bank is no longer open

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Speaker 2: for business.

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Speaker 1: SVB is the biggest bank to fail since the near

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Speaker 1: collapse of the financial system back in two thousand and eight.

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Speaker 3: Now Treasurer Jim Charmer says the government is closely monitoring

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Speaker 3: the potential impact on Australia after the collapse of the

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Speaker 3: Silicon Valley Bank in the US.

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Speaker 2: So is the anxiety caused by the collapse of SVB

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Speaker 2: too much for the economy to handle. We'll let you

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Speaker 2: know in the deep dive, but first, Sarah, what's making headlines?

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Speaker 4: New South Wales Labor has opposed Premier Dominique Paritees Child

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Speaker 4: Future Fund, saying it could worsen wealth divides. This proposed

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Speaker 4: fund would give each child a four hundred dollars starting

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Speaker 4: payment from the New South Wales government. Parents and grandparents

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Speaker 4: would then be able to make their own contributions annually,

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Speaker 4: with the government matching their contributions by up to four

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Speaker 4: hundred dollars a year. This is what Perrote said when

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Speaker 4: he announced the fund.

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Speaker 3: Well, our Kids' Future Fund accounts are going to transform

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Speaker 3: people's lives. We all have an obligation to make sure

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Speaker 3: that our children have greater opportunities and prosperity than we do.

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Speaker 4: But the opposition says the fund would exclude those who

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Speaker 4: need the most support.

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Speaker 2: Floods continue to big havoc in Queensland, with the state's

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Speaker 2: police describing the entire Gulf of Carpenteria region as a

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Speaker 2: sea of water. Police issued its fourth severe weather update

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Speaker 2: in four days yesterday, with people displaced by the flooding

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Speaker 2: told it still isn't safe to return home.

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Speaker 4: Saudi Arabian oil giant Aramco has posted one hundred and

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Speaker 4: sixty one billion US dollars of profit for the twenty

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Speaker 4: twenty two calendar year. That is the largest ever profit

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Speaker 4: recorded for a publicly listed company. Energy demands soared after

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Speaker 4: many countries and post sanctions on Russia last year following

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Speaker 4: the invasion of Ukraine.

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Speaker 2: And today's good news, Ruth E. Carter has become the

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Speaker 2: first black woman to win two Oscars after she took

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Speaker 2: out the award for her costume design in Black Panther

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Speaker 2: Wakanda Forever. She won her first Oscar in the same

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Speaker 2: category for the first Black Panther film back in twenty nineteen.

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Speaker 2: The collapse of Silicon Valley Bank We're going to call

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Speaker 2: it SVB in this podcast over the weekend is the

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Speaker 2: largest bank failure since the two thousand and eight global

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Speaker 2: financial Crisis. Customers of the bank were left unable to

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Speaker 2: withdraw any of their money, although now fast forward a

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Speaker 2: couple of days, the US Treasury has since guaranteed that

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Speaker 2: customers aren't going to actually lose any money.

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Speaker 4: Sam, over the weekend, you kept sending me articles about this,

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Speaker 4: and I think that my responses weren't dramatic enough for you,

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Speaker 4: and so you kept going to great lengths to try

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Speaker 4: to make me care more right. But I think that

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Speaker 4: a good starting point is just to actually explain what

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Speaker 4: is SVB. And I mean, it's a big bank, but

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Speaker 4: it's not the type of typical bank that you or

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Speaker 4: I would put their money in here in Australia.

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Speaker 2: So SVB was the sixteenth largest bank in the US

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Speaker 2: and it was based near San Francisco. They're not the

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Speaker 2: typical type of bank, so they're not like a Commonwealth

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Speaker 2: bank or an and Z that you might go to

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Speaker 2: to set up a savings account or get a debit card.

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Speaker 2: With the way I've been describing it to my friends

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Speaker 2: when trying to convince them of the importance is they're

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Speaker 2: kind of the sexy bank because of who they work with.

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Speaker 2: So they describe themselves as the bank that works with businesses,

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Speaker 2: founders and investors, shaping the innovation economy, and anything that

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Speaker 2: touches the word innovation is immediately sexy. They primarily work

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Speaker 2: with tech startups and they've done business with companies like Shopify, Pinterest,

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Speaker 2: and fitbit.

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Speaker 3: Now.

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Speaker 2: In recent years, the bank has been particularly focused on

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Speaker 2: the Australian and New Zealand startup market and particularly targeting

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Speaker 2: companies looking to expand to the US. If you go

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Speaker 2: to any startup event in Australia or even any online

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Speaker 2: forum for startups in Australia, you're going to see presence

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Speaker 2: of SVB. The known customers of SVB in Australia are

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Speaker 2: companies like Canva, Crimson Education and mister Young.

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Speaker 4: Okay, so then let's go back to this past weekend.

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Speaker 4: What actually went wrong?

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Speaker 2: Well, to understand what fully went wrong with SVB, you

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Speaker 2: need a super quick crash course in how banks can fail.

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Speaker 2: Excellent banks are not Zara like Gringotts. Every image of

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Speaker 2: Harry Potter banks in your mind is not very niche.

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Speaker 2: But you're not lock your money in a room where

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Speaker 2: it's ready for you whenever you want it. They take

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Speaker 2: your money and invest it in bonds, stocks or loans

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Speaker 2: in an effort to make a return, and that's their profits.

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Speaker 2: But this means that if everyone wanted to go to

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Speaker 2: their bank and withdraw all their money all at once,

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Speaker 2: the bank can't actually do that. Now, in most cases,

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Speaker 2: this isn't a problem because we don't have that sort

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Speaker 2: of behavior. You and I don't run to an ATM

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Speaker 2: to try and withdraw that money. But if the bank

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Speaker 2: is hit by bad news, say it makes a string

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Speaker 2: of bad investments and there's some negative publicity about it,

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Speaker 2: a bank run can occur, and that's when customers literally

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Speaker 2: run to go and get their money out. And so

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Speaker 2: what we saw with SVB was some trouble when they

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Speaker 2: started to take on too many long term bonds that

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Speaker 2: lost value and interest rates began to rise. Now take

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Speaker 2: a pause there, because I know there was a lot

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Speaker 2: of jargon in that sentence, and we probably could do

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Speaker 2: a whole episode just on that sentence that I said.

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Speaker 2: But I guess what you need to know as a

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Speaker 2: top line is that they made some bad investments, not

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Speaker 2: factoring in rising interest rates. So then we have a

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Speaker 2: situation last week where SVB announced a last minute capital raise.

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Speaker 2: So that's code for they didn't have enough money and

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Speaker 2: they needed some money in the door on the back

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Speaker 2: of some worse than expected results, and this caused customers

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Speaker 2: to panic and start to try and withdraw their money.

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Speaker 2: The word spread extremely quickly amongst the startup community and

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Speaker 2: things started to snowball. Now on Thursday, in order to

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Speaker 2: keep up with the fact that so many customers wanted

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Speaker 2: to withdraw their money, SVB had to sell some of

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Speaker 2: their bonds to keep up with these requests. But by

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Speaker 2: that point it was already too late. A run had

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Speaker 2: started and SVB customers, get ready for this number, withdrew

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Speaker 2: forty two billion dollars from their accounts US dollars on

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Speaker 2: Thursday alone. Now I want to put that into some

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Speaker 2: context for you. The last big bank run we saw

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Speaker 2: was in two thousand and eight, as I said, with

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Speaker 2: the Washington Mutual Bank, and that saw a run of

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Speaker 2: only sixteen points seven billion dollars leaving the bank over

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Speaker 2: ten days and contributed to a global financial crisis. So

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Speaker 2: now we're in this situation this week where on Friday

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Speaker 2: local time, SVB officially failed and was taken over by

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Speaker 2: government regulators. Customers were no longer able to withdraw any funds.

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Speaker 4: Okay, So then what happens for those customers is their

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Speaker 4: money just gone overnight.

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Speaker 2: Well, there was this fear, especially for a lot of startups,

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Speaker 2: that all their money with SVB would be unable to

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Speaker 2: be accessed for an extended period of time. So when

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Speaker 2: they actually had to run their company's come Monday, morning,

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Speaker 2: such as you know, paying rent or paying payroll for staff,

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Speaker 2: they wouldn't be able to do so. But to avoid

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Speaker 2: all of this happening and to avoid panics spreading to

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Speaker 2: other areas of the economy, on Sunday night, the Biden

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Speaker 2: administration stepped in and they said they would guarantee every

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Speaker 2: deposit from SVB.

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Speaker 4: What does that mean.

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Speaker 2: It means that they will refund every dollar that was

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Speaker 2: in your SVB account and give it to you on

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Speaker 2: Monday morning, US time. Now, something worth noting here is

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Speaker 2: that there is this government insurance plan that is put

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Speaker 2: in place that guarantees that if a bank like SVB

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Speaker 2: fails in the US, you'll get the first two hundred

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Speaker 2: and fifty thousand dollars of your account back under the

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Speaker 2: general insurance scheme. But ninety percent of customers at SVB

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Speaker 2: have more than that amount. And it's important to remember

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Speaker 2: here that we're talking about large scale startups and businesses,

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Speaker 2: not your average savings account. So that's one of the

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Speaker 2: reasons the US government stepped in and they're going to

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Speaker 2: guarantee to return all your money, not just the two

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Speaker 2: hundred and fifty k. Now, it's worth clarifying here. The

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Speaker 2: US government isn't saving the bank, They're saving the consumers

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Speaker 2: unless SVB is bought by somebody else, and it's on

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Speaker 2: the market now ready to be bought. Elon musk Is

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Speaker 2: even sniffing around the bank is as good as dead

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Speaker 2: and buried.

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Speaker 4: When we were talking about this story in the office,

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Speaker 4: the thing that kept coming up was that you and I,

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Speaker 4: as founders of a startup, cared deeply. Once you had

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Speaker 4: explained to me why I needed to care about this

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Speaker 4: story because we had proximity to it, it was, you know,

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Speaker 4: a very realistic example for those people in Australia who

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Speaker 4: might not have of this bank before or have any

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Speaker 4: proximity to start up funding. Why is it such a

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Speaker 4: big deal? Why should they care?

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Speaker 2: Well, I think you have to look at every other

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Speaker 2: moment of global financial crisis over the last couple of

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Speaker 2: hundred years and identify the fact that there's always something

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Speaker 2: that lights the match. And I guess why people should

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Speaker 2: care even if they're not directly impacted by SVB. Is

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Speaker 2: we're looking for signs now of a sense of contagion,

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Speaker 2: a sense of other parts of the economy getting freaked

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Speaker 2: out and being affected by this. One example of a

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Speaker 2: bank failing. Let me put it another way for you,

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Speaker 2: if a house in your street randomly gets robbed, you

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Speaker 2: are going to start thinking about how to make sure

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Speaker 2: that your house is safe, and you reevaluate how secure

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Speaker 2: your front door is. Then, if two houses get robbed,

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Speaker 2: you might take that more seriously. If three or four

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Speaker 2: get robbed, you might consider moving streets. And so when

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Speaker 2: it comes to contagion, there are these psychological factors at play.

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Speaker 2: One bank's collapse can make people anxious and want to

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Speaker 2: pull their money out of a totally different bank, and

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Speaker 2: that can lead to more bank runs.

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Speaker 4: So then, using that logic of contagion, has there been

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Speaker 4: any evidence of that so far have we seen other

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Speaker 4: banks collapse?

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Speaker 2: Well? On Sunday, state regulators close the New York based

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Speaker 2: Signature Bank. Just two days after SVB was closed, regulators

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Speaker 2: once again said that everyone with an account at that

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Speaker 2: bank is going to receive their money in full now.

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Speaker 2: Signature was a commercial bank known for its crypto clients. Coinbase,

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Speaker 2: which is a huge cryptocite worldwide, had two hundred and

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Speaker 2: forty million US dollars in its Signature account, and Signature's

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Speaker 2: failure is thought to be connected to some of the

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Speaker 2: financial issues in cryptocurrency, so it doesn't necessarily point to contagion.

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Speaker 2: But in light of everything that's happening in the last

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Speaker 2: seventy two hours, other banks are taking preemptive steps to

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Speaker 2: reassure their customers. For example, there's another major bank called

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Speaker 2: First Republic Bank and they've released a statement over the

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Speaker 2: weekend that reassured their customers the bank is in a

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Speaker 2: very strong position despite rising anxiety amongst their customers. And

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Speaker 2: we've heard from the US Secretary of tr Treasury who

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Speaker 2: said that the banking system remains resilient. I was keeping

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Speaker 2: a close eye on the banking sector in Australia. Yesterday

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Speaker 2: we didn't see any bank run activity, so that is

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Speaker 2: an indication that things are okay. But AFRA, and that's

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Speaker 2: the Australian regulator, they've said they're keeping an eye on

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Speaker 2: things just in case.

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Speaker 4: Thanks for joining us on the Daily OS. If you

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Speaker 4: learned something from today's episode, don't forget to hit subscribe,

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Speaker 4: so there's a TVA episode waiting for you every weekday morning.

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Speaker 4: We'll be back again tomorrow morning, but until then, have

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Speaker 4: a brilliant day.