HOWTHE CRISIS SPREAD

WEDNESDAY MARCH 9

Silicon Valley Bank announces £1.8bn fundraising after heavy bond losses.

THURSDAY MARCH 10

Shares fall 60pc prompting a wider plunge for US banks. Bank run at SVB as start-ups advised by venture capital backers to pull money out.

FRIDAY MARCH 11

US regulators close bank. UK subsidiary sees billions withdrawn. Bank of England announces insolvency process.

SATURDAY MARCH 12

Jeremy Hunt, Rishi Sunak and Andrew Bailey discuss a solution. Officials assess impact on tech sector.

SUNDAY MARCH 13

Hunt pledges cash needs of UK customers will be met. Potential buyers emerge. US regulators announce ‘backstop’ to protect all banking deposits. Authorities close New York’s Signature Bank.

YESTERDAY

HSBC buys SVB UK for £1. All deposits safe. Global banking shares fall further.