IVCA Statement on SVB
As the association representing Ireland’s venture capital and private equity, the Irish Venture Capital Association (IVCA) notes with concern the collapse, and receivership, of Silicon Valley Bank on March 10, 2023.
The impact will be primarily on U.S. venture capital firms and the start-ups and scale-ups they back. The move over the weekend by the US Government to fully back depositors is welcome. While there has been an impact into the UK, and to a lesser extent in Ireland, the announced sale of SVB UK to HSBC is also a positive development.
Nonetheless, the IVCA will continue to closely monitor developments.