SVB collapse unlikely to have impact on Taiwan
Economics minister Wang Mei-hua says the failure of US-based Silicon Valley Bank is unlikely to seriously affect Taiwan.
On the sidelines of a hearing held by the Legislative Yuan, Wang told reporters the collapse of SVB, which had long provided funds to venture capital-funded startups, is expected to have a relatively large negative impact on those startups.
However, Taiwan's economy, which has ties with its American counterpart, will not be seriously impacted as the US government has ensured the bank's depositors that they will be able to gain access to their money.
Wang adds that as American financial regulators have rushed to provide solutions, she expected the problems resulting from the SVB's financial woes will be well handled.
The collapse of SVB happened after a run dealt a big blow last week to the bank, which had been hard hit by a downturn in tech stocks over the past year as well as the Fed's aggressive moves to raise its key interest rates to tackle inflation.