Only days after seizing control of Silicon Valley Bank, the US Treasury, Federal Reserve Board, and Financial Deposit Insurance Corporation declared that they would “completely protect” all depositors with funds in the institution.

After receiving a recommendation from the FDIC and Federal Reserve boards and consulting with the President, “Secretary (Janet) Yellen) approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors,” according to the statement issued on Sunday evening.

“Beginning on Monday, March 13, depositors will have access to all of their funds. The taxpayer won’t incur any losses as a result of Silicon Valley Bank’s bankruptcy.”

Furthermore, officials shut down the New York bank Signature Bank over the weekend. Signature depositors will also be fully reimbursed.

Authorities shut down SVB on Friday and turned it over to the FDIC. This followed a tumultuous few days that saw a rush of depositors withdraw their funds and a botched capital call.

When SVB’s closure was announced, the FDIC stated that the first $250,000 in customer deposits would be available by Monday, but any amounts in excess of that would be refunded over time. Furthermore, because the FDIC only covers the first $250,000 of a customer’s deposit, clients could lose some of the money they had put with SVB.

This caused havoc for hundreds of businesses that banked with SVB. According to Insider, many business owners were concerned that they would be unable to pay their employees in the coming weeks. US regulators have eliminated that risk by stating that depositors will be paid in full and will have access to their funds on Monday.

According to Greg McBride, chief financial analyst at Bankrate, the Federal Reserve, FDIC, and Treasury have taken action to prevent broader contagion throughout the banking system in response to the failure of Silicon Valley Bank on Friday and the closure of Signature Bank announced today.

Here is the full statement:

Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.

“The future of Silicon Valley Bank’s assets is still uncertain. It is now unknown whether there will be one buyer or several purchasers “said McBride.

Bloomberg revealed on Sunday that the FDIC began taking offers on Saturday in order to find a buyer for SVB. In order to secure a willing bid before the Asian market opened, the bids were closed on Sunday afternoon, according to Bloomberg, who cited sources.