SVB meltdown LIVE: Get all the latest breaking news and updates

SVB meltdown LIVE: Markets brace for financial contagion as Biden ensures Americans ‘our banking system is safe’

Follow along as DailyMail.com brings you the latest updates from the collapse of the Silicon Valley Bank.

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Among Silicon Valley Bank’s clients were Roku, Vox Media and popular gaming company Roblox.

Roku, the streaming service, said in a US Securities and Exchange Commission filing on Friday that roughly $487 million —or 26 percent — of its $1.9billion in cash was held at Silicon Valley Bank. Most of those deposits were uninsured.

Roblox also said in a filing that about 5 percent of its $3 billion in cash and securities were held at the bank.

And Vox Media, the publisher of New York Magazine and The Verge, also has a substantial concentration of cash at the bank and used credit cards that were issued by the failed institution.

In his remarks on Monday, President Joe Biden blamed former President Donald Trump for passing legislation deregulating the banking industry.

Sen. Elizabeth Warren also tweeted: ‘Bank failures are the direct result of leaders in Washington weakening the financial rules.

‘In 2018, President Trump signed a law rolling back critical protections.

‘I fought these changes. I warned that banks would run up risk. I wish I’d been wrong.’

Bank failures are the direct result of leaders in Washington weakening the financial rules.

In 2018, President Trump signed a law rolling back critical protections.

I fought these changes. I warned that banks would run up risk. I wish I’d been wrong.https://t.co/8c9gpfbGiA

President Joe Biden briefly addressed the nation Monday morning, 30 minutes before the U.S. markets opened to avoid a full-blown run on the banks and reassure depositors of Silicon Valley Bank that their money will be available if they want to withdraw.

He insisted that taxpayers will not have to help bail out SVB and Signature Bank – and celebrated job gains and low unemployment rates in the midst of the second-largest banking collapse in U.S. history.

In a speech Monday morning, President Joe Biden revealed that investors at Silicon Valley Bank will not be protected.

He said they made a risk by investing, and that risk failed, noting: ‘That’s how capitalism works.’

He also said, none of the losses will be born on the taxpayers, but will rather be paid by the fees banks pay the federal government.

‘The bottom line is: Americans can rest assured that our banking system is safe, your deposits are safe,’ the president said.

"Americans can have confidence that the banking system is safe," President Biden says after back-to-back bank failures. Follow live updates https://t.co/uQon09a1sl pic.twitter.com/N0GqR7yAw1

Banks across America are sitting on $620 billion of ‘unrealized losses’ – assets which have decreased in value but have not yet been sold – – the head of the Federal Deposit Insurance Corporation warned.

The ticking time bomb is due to U.S. banks buying Treasuries and bonds while interest rates were low, but, with interest rates now rising, finding these bonds have declined in value.

When interest rates rise, newly issued bonds start paying higher rates to investors, which makes the older bonds with lower rates less attractive and less valuable.

Most banks and pension funds are affected.

Silicon Valley Bank customers started lining up outside of one of its franchises more than four hours before the bank opens to ensure they get their money back.

Federal regulators had announced they are taking emergency measures to ensure that customers will have access to their funds.

Since we reported this live, customers of SVB started lining up outside – more than four hours before it opens – to make sure they have access to some of their funds.@CBSNews https://t.co/vPLDgSheTH

SVB Financial Group announced Monday morning that its board has approved a ‘restructuring committee’ comprising five ‘independent directors to explore strategic alternatives for the holding company and its SVB Capital and SVB Securities businesses.

‘The committee will explore all alternatives for addressing the approximately $3 billion of funded debt held by the holding company, which is recourse only to SVB Financial Group and is not guaranteed by the subsidiaries,’ a press release reads.

The SVB restructuring committee includes Eric Benhamou, Tom King, Kay Matthews, Mary Miller and Kate Mitchel, according to David Gura, an NPR correspondent.

NEW 8-K: A restructuring committee will explore potential transactions for the SVB Capital and SVB Securities businesses, and "will explore all alternatives for addressing the approximately $3 billion of funded debt held by the holding company." https://t.co/6uDMAHFtlA

Bank shares have plummeted up to 74 percent in pre-market trading, with First Republic Bank’s shares dropped as low as $21.50 from a high of $81.76 amid fears of a banking rout when Wall Street opens trading at 9.30am.

President Joe Biden is now due to speak at 8am in an attempt to shore up trust in the sector after the White House yesterday guaranteed it would make SVB customers ‘whole’ and that ‘no losses will be borne by the taxpayer.’

Biden is due to speak at 8am in an attempt to shore up trust in the sector after the White House yesterday guaranteed it would make SVB customers ‘whole’ and that ‘no losses will be borne by the taxpayer.’

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