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| On Friday, Silicon Valley Bank, a lender to some of the biggest names in the technology world, became the largest bank to fail since the 2008 financial crisis. By Sunday night, regulators had abruptly shut down Signature Bank to prevent a crisis in the broader banking system. The banks’ swift closures have sent shock waves through the tech industry, Wall Street and Washington. | 上周五，硅谷银行成为2008年金融危机以来倒闭的最大银行，该银行向科技界的一些大公司提供贷款。到周日晚上，监管机构突然关闭了签名银行，以防止出现银行系统的广泛危机。这些银行的迅速关闭震动了科技行业、华尔街和华盛顿。 |
| Here’s what we know so far about this developing story. | 事态仍在发展，以下是我们目前所知道的信息。 |
| Why did Silicon Valley Bank fail? | 硅谷银行为何倒闭？ |
| Silicon Valley Bank provided banking services to nearly half the country’s venture capital-backed technology and life-science companies, according to its website, and to more than 2,500 venture capital firms. | 硅谷银行的网站显示，该银行为美国近一半由风险资本支持的技术和生命科学公司提供银行服务，并为2500多家风险投资公司提供服务。 |
| For decades, Silicon Valley Bank, flush with cash from high-flying start-ups, did what most of its rivals do: It kept a small chunk of its deposits in cash, and it used the rest to buy long-term debt like Treasury bonds. Those investments promised steady, modest returns when interest rates remained low. But they were, it turned out, shortsighted. The bank hadn’t considered what was happening in the broader economy, which was overheated after more than a year of pandemic stimulus. | 几十年来，硅谷银行从风生水起的初创企业那里获得了大量现金，它的做法和大多数竞争对手一样：将一小部分存款以现金形式保留，其余部分购买国债等长期债权。在利率保持低水平时，这些投资承诺稳定、适度的回报。但事实证明，它们目光短浅。硅谷银行没有考虑到经济整体形势，在一年多的大流行刺激措施之后，经济已经过热。 |
| This meant that Silicon Valley Bank was left in the lurch when the Federal Reserve, looking to combat rapid inflation, started raising interest rates. Those once-safe investments looked a lot less attractive as newer government bonds kicked off more interest. | 这意味着，当美联储为遏制快速通胀而开始加息时，硅谷银行陷入了困境。随着新发行的政府债券吸引了更多的兴趣，这些曾经安全的投资看起来不再那么有吸引力了。 |
| But not all of Silicon Valley Bank’s problems are linked to rising interest rates. The bank was unique in ways that contributed to its rapid demise. Because the bank’s business was concentrated in the tech industry, Silicon Valley Bank started to see trouble when start-up funding began to dwindle, leading its clients — a mixture of technology start-ups and their executives — to tap their accounts more. The bank also had a significant number of big, uninsured depositors — the kind of investors who tend to withdraw their money during signs of turbulence. To fulfill its customers’ requests, the bank had to sell some of its investments at a steep discount. | 硅谷银行的问题并非都与利率上升有关。这家银行某些独特之处促成了它的迅速消亡。由于其业务集中在科技行业，当初创企业融资开始减少时，硅谷银行开始遇到麻烦，这导致其客户（包括科技初创企业及其高管）更多地动用自己的账户。该银行还有大量未受保大额储户——这类投资者往往会在出现动荡迹象时提款。为了满足客户的要求，银行不得不以很大的折扣抛售部分投资。 |
| Once Silicon Valley revealed its huge loss on Wednesday, the tech industry panicked, and start-ups rushed to pull out their money, resulting in a bank run. | 周三，硅谷银行公布巨额亏损后，科技行业陷入恐慌，初创企业争相提款，导致银行挤兑。 |
| By late last week, Silicon Valley Bank was in free fall. The Federal Deposit Insurance Corporation announced on Friday that it would take over the 40-year-old institution, after the bank and its financial advisers had tried — and failed — to find a buyer to step in. The takeover put about $175 billion in customer deposits under the control of the federal regulator. | 到上周晚些时候，硅谷银行股价直线下跌。联邦存款保险公司上周五宣布将接管这家有40年历史的机构。此前，银行及其金融顾问曾试图寻找买家介入，但未能成功。接管后，约1750亿美元的客户存款置于联邦监管机构的控制之下。 |
| The F.D.I.C., created by Congress in 1933 to provide consumer deposit insurance to banks, is responsible for maintaining “stability and public confidence in the nation’s financial system,” according to its website. | 1933年由国会创设的联邦存款保险公司旨在为银行提供消费者存款保险。据其网站介绍，公司的职责是维护“国家金融体系的稳定和公众信心”。 |
| The failure of Silicon Valley Bank, based in Santa Clara, Calif., is the largest since the 2008 financial crisis. In the aftermath of that crisis, Congress passed the Dodd-Frank financial-regulatory package, intended to prevent such collapses. | 硅谷银行的总部位于加州圣克拉拉。其破产是自2008年金融危机以来最大的一起银行破产案。在那次危机之后，国会通过了多德-弗兰克金融监管方案，旨在防止此类崩溃。 |
| In 2018, President Donald J. Trump signed a bill that reduced how often regional banks had to submit to stress tests by the Federal Reserve. Last week, as news of Silicon Valley Bank’s failure spread, some banking experts said the Dodd-Frank package might have forced the bank to better handle its interest rate risks had it not been rolled back. | 2018年，特朗普总统签署了一项法案，减少了地区银行接受美联储压力测试的频率。上周，随着硅谷银行倒闭的消息传播开来，一些银行业专家表示，如果多德-弗兰克方案的措施没有被撤销，可能会迫使该银行更好地处理其利率风险。 |
| Why did Signature Bank fail? | 签名银行为何倒闭？ |
| Two days after the F.D.I.C. took control of Silicon Valley Bank, New York regulators abruptly closed Signature Bank on Sunday to stymie risk in the broader financial system. | 在联邦存款保险公司接管硅谷银行两天后，纽约监管机构周日突然关闭了签名银行，以遏制更广泛的金融系统风险。 |
| Signature Bank, which provided lending services for law firms and real estate companies, had assets of less than $100 billion across 40 branches in the country. The bank’s clients included some people associated with the Trump Organization, Mr. Trump’s company. In 2018, the 24-year-old bank began taking deposits of crypto assets — a fateful decision after the industry’s bottom fell out after the collapse of the FTX cryptocurrency exchange. | 签名银行为律师事务所和房地产公司提供贷款服务，在全国有40家分行，资产不足1000亿美元。该银行的客户包括一些与特朗普的公司——特朗普集团——有关的人。2018年，这家拥有24年历史的银行开始接受加密货币资产存款——这是在FTX加密货币交易所倒闭、该行业陷入崩溃后的一个致命决定。 |
| Like Silicon Valley Bank’s clients, most of Signature bank’s customers had more than $250,000 in their accounts. The Federal Deposit Insurance Corporation insures deposits only up to $250,000, so anything more than that would not have the same government protection. Close to nine-tenths of Signature Bank’s roughly $88 billion in deposits were uninsured at the end of last year, according to regulatory filings. As Silicon Valley Bank’s troubles began to spread last week, many of Signature’s customers panicked and began calling the bank, worried that their own deposits could be at risk. | 与硅谷银行的客户一样，签名银行的大多数客户账户上都有超过25万美元的存款。联邦存款保险公司只为25万美元以下的存款提供保险，因此超过25万美元的存款就不会受到同样的政府保护。监管文件显示，截至去年年底，签名银行约880亿美元的存款中有近九成没有保险。随着硅谷银行的问题上周开始蔓延，签名银行的许多客户感到恐慌，开始给银行打电话，担心自己的存款可能面临风险。 |
| Signature saw a torrent of deposits leaving its coffers on Friday, according to a person with knowledge of the matter, and the bank’s stock, along with the stocks of some of its peers, also continued to tank. | 据一位知情人士透露，上周五，签名银行出现了大量存款流出，该银行的股票以及一些同行的股票也继续下跌。 |
| What have regulators done so far? | 到目前为止，监管机构做了什么？ |
| Regulators have been rushing to contain the fallout, and the collapse of two banks in three days is prompting a swift re-evaluation of the Fed’s interest rate increases. Before the fallout from the banks’ collapse this weekend, the Fed had been expected to make a half-point increase at its next meeting, March 21-22. | 监管机构一急于遏制事态的发展，三天内两家银行的倒闭促使人们迅速重新评估美联储的加息。在本周末银行业崩溃造成冲击之前，美联储曾预计将在3月21日至22日的下一次会议上加息50个基点。 |
| In announcing the closing of Signature, regulators said on Sunday that depositors of the bank and Silicon Valley Bank would be made whole regardless of how much they held in their accounts and would have full access to their money by Monday. | 在宣布关闭签名银行时，监管机构周日表示，该银行和硅谷银行的储户无论账户有多少存款都将获得存款全额补偿，并且到周一就可以支取所有资金。 |
| On Monday morning, President Biden reassured Americans that the financial system was stable and that customers’ deposits would “be there when you need them.” | 周一早晨，拜登总统向美国人保证，金融体系是稳定的，客户的存款可以“在你需要的时候出现”。 |
| Treasury Secretary Janet L. Yellen said on Sunday that regulators had been working over the weekend to stabilize Silicon Valley Bank — and she tried to assure the public that the broader American banking system was “safe and well capitalized.” | 财长耶伦周日表示，监管机构周末一直在努力稳定硅谷银行——她试图向公众保证，更大范围的美国银行系统“安全且资本充足”。 |
| At the same time, she acknowledged that many small businesses were counting on funds tied up at the bank. | 与此同时，她承认许多小企业都指望着困于该行的资金。 |
| Ms. Yellen suggested that a possible solution could be an acquisition of Silicon Valley Bank, emphasizing that regulators were trying to address the situation “in a timely way.” According to a person familiar with the matter, the F.D.I.C. on Saturday started an auction for Silicon Valley Bank that was set to wrap up Sunday afternoon. | 耶伦建议，一个可能的解决方案是收购硅谷银行，并强调监管机构正试图“及时”解决这一问题。据一位知情人士透露，美国联邦存款保险公司周六开始进行对硅谷银行的拍卖，定于周日下午结束。 |
| On Sunday, the F.D.I.C. invoked a “systemic risk exception,” which allows the government to pay back uninsured depositors to prevent dire consequences for the economy or financial instability. Also on Sunday, the Fed announced that it would set up an emergency lending program, with approval from the Treasury, to provide additional funding to eligible banks and help ensure that they are able to “meet the needs of all their depositors.” | 周日，美国联邦存款保险公司以“系统性风险例外”为由，允许政府偿还未投保的储户，以防止对经济或金融不稳定造成严重后果。同样在周日，美联储宣布将在财政部的批准下设立一项紧急贷款计划，为符合条件的银行提供额外资金，并帮助确保它们能够“满足所有储户的需求”。 |
| Are other banks at risk? | 其他银行面临风险吗？ |
| The demise of both Silicon Valley Bank and Signature Bank put a spotlight on the challenges surrounding small and midsize banks, which tend to focus on niche businesses and can be more vulnerable to bank runs than larger peers. The most immediate concern is that the failure of one would scare off customers of other banks. Both Silicon Valley Bank and Signature are small compared with the nation’s largest banks — Silicon Valley Bank’s $209 billion and Signature’s $110 billion in assets pale next to the more than $3 trillion at JPMorgan Chase. But bank runs can happen when customers or investors panic and start pulling their deposits. | 硅谷银行和签名银行的倒闭凸显了中小型银行所面临的挑战，这些银行往往专注于小众业务，并且比大型银行更容易受到银行挤兑的影响。最紧迫的担忧是，一家银行的倒闭会吓跑其它银行的客户。与美国最大的银行相比，硅谷银行和签名银行的规模都很小，硅谷银行的资产为2090亿美元，签名银行的资产为1100亿美元，这些数字与摩根大通超过3万亿美元的资产相比相形见绌。但是，当客户或投资者恐慌并开始提取存款时，银行挤兑就会发生。 |
| On Monday, smaller banks rushed to reassure customers that they were on firmer financial footing. | 周一，一些小银行忙着向客户保证，它们拥有更加稳固的财务基础。 |
| Shares of U.S. regional banks plummeted on Monday, as investors tried to get a handle on the sudden collapse of Signature Bank and Silicon Valley Bank. First Republic Bank took the worst beating on the day, down 60 percent. Western Alliance in Arizona tumbled 45 percent, KeyCorp and Comerica both tumbled nearly 30 percent, and Zions Bancorp in Utah fell about 25 percent. | 在投资者试图应对签名银行和硅谷银行的突然倒闭之际，美国地区性银行的股价周一暴跌。第一共和银行当天跌幅最大，下跌60%。亚利桑那州的西方联合银行下跌45%，KeyCorp和Comerica均下跌近30%，犹他州的Zions Bancorp下跌约25%。 |
| Shares of bigger banks were not affected as much: Citigroup and Wells Fargo each fell more than 7 percent, Bank of America fell more than 3 percent, and JPMorgan dipped around 1 percent. The KBW bank index, which tracks the performance of 24 major banks, fell 10 percent, adding to sharp losses last week that erased nearly $200 billion from the aggregate value of the banks in the index. | 大银行的股票并未受到太大影响：花旗集团和富国银行均下跌超过7%，美国银行下跌超过3%，摩根大通下跌约1%。追踪24家主要银行表现的KBW银行指数下跌10%，算入上周的大幅下跌，该指数中银行的总市值蒸发近2000亿美元。 |
| How is this different from the 2008 bailouts? | 这与2008年的纾困计划有何不同？ |
| Over the past few days, as regulators took control of two banks and guaranteed deposit protections at the institutions, some compared the moves to the 2008 bank bailouts. | 过去几天，随着监管机构接管对两家银行的控制并保证这些银行的存款保护，一些人将此举与2008年的银行纾困相提并论。 |
| On Monday, President Biden tried to distinguish these moves to prevent more bank runs and those taken during the 2008 financial crisis, when hundreds of billions of dollars were provided to rescue the bank industry. Taxpayers shouldered much of that rescue, while the costs to make depositors of Silicon Valley Bank and Signature Bank whole will be financed by fees paid by banks into the F.D.I.C. | 周一，拜登总统试图说明这些旨在防止更多银行挤兑的举措不同于2008年金融危机期间采取的举措，当时数千亿美元被用于拯救银行业。纳税人承担了大部分纾困金，而硅谷银行和签名银行的储户存款全额补偿的成本将由银行向美国联邦存款保险公司支付的费用来支付。 |
| “This is an important point: No losses will be borne by the taxpayers,” Mr. Biden said in his statement on Monday morning. “Let me repeat that: No losses will be borne by the taxpayers.” | “这一点很重要：纳税人不会承担任何损失，”拜登在周一上午的声明中表示。“我再说一遍：纳税人不会承担任何损失。” |
| But he said that “investors in the banks will not be protected.” | 但他表示，“银行的投资者将不会受到保护。” |
| “They knowingly took a risk, and when the risk didn’t pay off, investors lose their money,” the president said. “That’s how capitalism works.” | “他们对风险是知情的，当风险没有得到回报时，投资者就会赔钱，”拜登说。“这就是资本主义的运作方式。” |
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