Israeli Prime Minister Benjamin Netanyahu said Sunday the government will assess the impact of the Silicon Valley bank collapse on Israeli companies and decide whether to help them.

Israeli Prime Minister Benjamin Netanyahu said Sunday the government will assess the impact of the Silicon Valley bank collapse on Israeli companies and decide whether to provide assistance. Israel is home to a thriving high-tech industry, and local media reported Sunday that hundreds of local businesses could be threatened by the collapse of the Silicon Valley bank.

The Israeli business newspaper Globes wrote that the bank was seen as "a significant financial institution for Israeli companies" and that its disappearance meant "shutting off the oxygen pipe" for the sector.

Bank of Silicon Valley, United StatesAs the 16th largest bank, it primarily served technology workers and venture capitalist-backed companies. Its collapse is the largest since the collapse of Washington Mutual in 2008.

The bank had a branch in Tel Aviv. It wasn't immediately clear how many local companies were doing business with the bank. At a cabinet meeting on Sunday, Netanyahu said he and senior Israeli officials would assess "whether action is needed to help Israeli firms that are struggling as a result of the collapse of the SVB, mainly in terms of cash flow."

The day before, Israeli Finance Minister Bezalel Smotrich said he had assembled a team to follow up the case and assess the impact of the bank's collapse on the Israeli economy.

Israel's banking regulator Yair Avidan said Israel is "carefully investigating the matter and monitoring developments." The bank's collapse comes as Israeli tech leaders and economists warn that the Netanyahu government's proposed overhaul of the country's judicial system could derail investments and hurt the economy. Israel's currency, the shekel, has fallen in value in the past two months since the government announced its plan, in part as companies moved funds out of the country over concerns about an overhaul of the judicial system.