Yoon orders close examination of financial impact of SVB's collapse

SEOUL, March 13 (Yonhap) -- President Yoon Suk Yeol instructed the government Monday to closely examine the impact of Silicon Valley Bank's collapse on the domestic economy and financial markets, his office said.

Yoon gave the instruction during a weekly meeting with his senior secretaries, saying the U.S. bank's failure is causing uncertainty in financial markets to spread, according to presidential spokesperson Lee Do-woon.

"Closely examine, with the finance minister in the lead, the cause of SVB's failure, how the situation develops, the U.S. authorities' response, and the impact on the domestic financial markets and real economy," he was quoted as saying.

The collapse of the tech startup-focused lender, which is the largest failure of a U.S. bank since the 2008 financial crisis, has led to worries about a potential fallout in the domestic venture capital market.

hague@yna.co.kr
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