Lenders including Barclays and Lloyds Banking Group have been asked to consider whether they can make an offer for the stricken technology-focused lender, Sky News understands.
"The UK has a world leading tech sector, with a dynamic start-up and scale-up ecosystem," it said.
"The government recognises that, given the importance of Silicon Valley Bank to its customers, its failure could have a significant impact on the liquidity of the tech ecosystem."The government is treating this issue as a high priority, with discussions between the governor of the Bank of England, the prime minister and the chancellor taking place over the weekend.
"The government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and we will bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met."'Serious risk to tech sector' after Silicon Valley Bank collapse
The implosion of SVB's US-listed parent company, which has been taken into government control, represents one of the biggest global banking collapses since the financial crisis of 2008. UK depositors stand to receive up to £85,000 as part of the resolution of the British arm of SVB, sparking fears about the fate of substantial amounts of funding in the start-up community.
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