Greg Smith: Devon Funds Management's Head of Retail on Silicon Valley Bank's collapse

Potential knock-on impacts here in New Zealand after the second biggest bank failure in US history.

US regulators have seized the assets of Silicon Valley Bank after customers rushed to withdraw money.

Rocket Lab has about 62-million New Zealand dollars in the bank -- about 7.9 percent of its total cash, cash equivalents, and marketable securities.

Devon Funds Management's Greg Smith told Mike Hosking that our Reserve Bank will be following things closely.

He says the question is whether this situation —which seems to have crept up on regulators— see central banks dial back the pace of rate hikes.

Smith says the US Federal Reserve is due to meet next week and he's sure our central bank Governor Adrian Orr will be watching.

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