Smotrich says special team to examine potential fallout for Israel from US bank’s fall

A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank headquarters on March 10, 2023, in Santa Clara, California. (Justin Sullivan/Getty Images/AFP)
A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank headquarters on March 10, 2023, in Santa Clara, California. (Justin Sullivan/Getty Images/AFP)

Finance Minister Bezalel Smotrich says he’s forming a special team to look into the potential consequences for Israel from the collapse of Silicon Valley Bank, which will include the director-general of the Treasury and officials from the Bank of Israel, Securities Authority and Innovation Authority.

According to Smotrich, the team will reach out to Israeli tech firms and financial institutes in both Israel and US, vowing to come up with “an answer” for companies if required, echoing an earlier pledge by Prime Minister Benjamin Netanyahu.

“The State of Israel will stand alongside the local tech industry and help it get through the crisis,” Smotrich writes on Twitter.

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