Breaking: Regulators announced SVB’s depositors will be made whole. The government’s bank-deposit insurance fund will cover all deposits at the two banks, rather than the standard $250,000. There will be a special assessment on banks to cover any losses.

They designated SVB and Signature Bank as a systemic risk to the financial system, which gives regulators flexibility to backstop uninsured deposits. And used emergency lending authorities to establish a new facility to help meet withdrawals