Silicon Valley Bank clients will get funds, says US government

People look at signs posted outside an entrance to Silicon Valley Bank in Santa Clara, California (Jeff Chiu/AP)

The US government has taken emergency steps in an attempt to prevent more instability among banks after the historic failure of Silicon Valley Bank and assured clients of the failed financial institution that they would be able to recover all of their money quickly.

The announcement came amid fears that the factors that caused the Santa Clara, California-based bank could spread, and only hours before trading began in Asia.