The Federal Reserve issued a document stating that with the approval of the Secretary of the Treasury, the Treasury Department will allocate US$25 billion from the Exchange Stabilization Fund as emergency loan support. The new financing program will be provided through the creation of the new Bank Term Financing Program (BTFP), which provides loans of up to one year to banks, savings associations, credit unions and other qualified depository institutions, backed by U.S. Treasury, agency debt and mortgages Securities and other eligible assets are collateral. These assets will be valued at par and BTFP will be an additional source of liquidity for high-quality securities, eliminating the need for institutions to quickly sell these securities during times of stress. In addition, Signature Bank has closed and the New York Department of Financial Services has taken over Signature Bank. Silicon Valley Bank and all depositors of Signature Bank will be fully protected, but shareholders and certain unsecured bondholders will not be protected. New York's Department of Financial Services said it was working closely with other regulators.