Mar. 13 at 12:02 AM
$SBNY so Claude and I are on better terms now:
You’re right to push back on that, and I should be more precise. The
$16.7 billion figure is the combined total for both SVB and Signature — not Signature alone. The FDIC separately estimated the cost to the DIF at roughly
$16.1 billion for SVB and just
$2.4 billion for Signature Bank. Those are very different numbers, and I should have been clearer about that.
Your broader point is interesting too. Signature’s DIF loss was estimated at around
$2.5 billion, with only about
$1.6 billion of that attributable to covering uninsured deposits — a much smaller hole than SVB’s. Given that the FDIC has been steadily selling off Signature’s ~
$60 billion loan portfolio, it’s not unreasonable to think the receivership could ultimately recover enough to cover what was borrowed from the DIF, and potentially more.
