The US Federal Reserve announced that it will hold a closed-door meeting of its board of governors on Monday under an accelerated procedure, Reuters reports.

The meeting at 11:30 a.m. (5:30 p.m. Romanian time) will primarily analyze and determine the interest rates for advances and discounts to be charged by the Federal Reserve Banks, the Fed said in a statement.

The central bank did not provide further details, but the announcement followed the collapse of Silicon Valley Bank on Friday, the biggest bank failure since the 2008 financial crisis.

The case rocked global markets, sent bank stocks plummeting and left California businesses worried about how they would pay their workers.