After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures.

The Bank of England (BOE) said Silicon Valley’s U.K. branch will stop processing payments and is no longer accepting deposits. “The Bank of England, absent any meaningful further information, intends to apply to the court to place Silicon Valley Bank U.K. Ltd. into a bank insolvency procedure,” the BOE statement reads. “A bank insolvency procedure would mean that eligible depositors are paid out by the FSCS as quickly as possible, up to the protected limit of £85,000, or up to £170,000 for joint accounts.”