HSBC has come to the rescue of UK tech companies facing the prospect of insolvency following the collapse of Silicon Valley Bank (SVB), by buying the UK arm of the failed US tech startup lender for a symbolic £1, according to multiple media reports.

The bank will acquire both the assets and liabilities of SVB UK following talks involving both the UK government and the Bank of England. The deal does not involve taxpayer money.

HSBC will take on the accounts of SVB UK’s 3,500 customers with deposits worth more than £6.7billion. SVB UK’s total balance sheet totals £8.8 billion.

Customers who had been unable to withdraw funds after SVB UK’s parent company was shut down by US regulators on Friday will now be able to access their cash.

The deal is a massive relief to the UK technology sector, which was highly exposed to the collapse of both SVB and its UK arm. The quick turnaround of the deal will be seen as a signal of the government’s support of tech, and overall confidence in the financial system.

The sale means the UK will avoid having to introduce the system-wide support that the US Treasury has been forced to do to protect depositors. And since a bank has stepped in to rescue another bank, it also reduces the so-called “moral hazard” risk where failed banks and depositors assume the exit is to get bailed out by the government.