Brooke Masters from the Financial Times joins us on this week’s episode to explain exactly what is going on. What caused the collapse of Silicon Valley Bank? How did it cause ripple effects across the world? And although we’re hearing a lot about venture capital, how worried should Joe and Jane Doe be about their savings?

The move marks a dramatic initiative by the lenders to bolster the system following failures of three midsized lenders in the last week.

Eurozone equities tumbled more than 3% in value and the euro lost 1% against the dollar.

The bank had a significant number of Irish businesses among its clients but retail banks in Ireland have no exposure to SVB.

The bank, which specialised in financing startups, was little known to the general public before last week.

The Department said there is ‘limited direct impact on the Irish financial system’.

Sisu clinic co-founder Pat Phelan said no one could predict the swift collapse of the bank.

The bank was a lender of money to tech startups, including a number of Irish firms.