Silicon Valley Bank: FTSE 100 tumbles 2.5%; HSBC rescues SVB UK – as it happened

Silicon Valley Bank UK has been sold to HSBC for 1, in a deal that protects depositors' money, says Treasury and Bank of England after weekend talks

• Full story: HSBC to buy Silicon Valley Bank's UK operations
• Why Silicon Valley Bank was so important to UK tech sector

Here's Sky's Ed Conway:

Important developments.