Silicon Valley Bank collapse: What you need to know

Michele Barry waits outside a Silicon Valley Bank to withdraw funds in Palo Alto, California (Benjamin Fanjoy/AP)

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and US President Joe Biden is reassuring Americans that the money they have in banks is safe.

It is all eerily reminiscent of the financial meltdown that began with the bursting of the housing bubble 15 years ago. Yet the initial pace this time around seems even faster.