Massive announcement by the Fed and US policymakers.

The gist: all depositors of SVB and Signature Bank made whole, and a new facility to provide liquidity to banks under stress.

A short thread.

1/

'Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed'

Sorry equity investors, do your homework.

'Depositors will have access to all of their money starting Monday, March 13.'

Uninsured depositors made whole.

2/