The RI state pension fund had a stake in SVB and Signature Banks. Here's how much it could lose.

PROVIDENCE - The Rhode Island pension fund has a stake - albeit a relatively small one - in the collapse of the Silicon Valley and Signature Banks.

In response to a Journal inquiry on Monday, State Treasurer James Diossa's office confirmed that the $10.3 billion state pension fund has holdings in the two closed banks - and two others described as "stressed" - that were valued at $2.7 million on Feb. 28 and $185,000 on Monday.

The $185,000 is the much reduced value of the state's holding in First Republic Bank that, as recently as Feb. 28, was valued at $774,963.

Explaining how and why the Employee Retirement System of Rhode Island (ERSRI) had any money in these banks, a spokeswoman for new state Treas. James Diossa said:

"ERSRI has had exposure to most of these assets for number of years as part of the Russell 3000 index in the U.S. public equity area. Additionally, there is some fixed income exposure within portfolios managed by Fidelity and PIMCO as part of the 'Stability' and 'Income' asset segments."

"The total exposure at the end of February represented less than 3 basis points of the total DB plan. We’re assuming that there is little value to the assets, with the exception of First Republic which is still trading."

U.S. President Joe Biden vowed to do whatever was needed to address a potential banking crisis after the collapse of Silicon Valley Bank and Signature Bank. National regulators on Sunday stepped in with emergency measures to maintain confidence in the system, according to Reuters.

It is not yet clear if the state pension fund will attempt to recover any of its losses in the rout.

This article originally appeared on The Providence Journal: SVB and Signature Bank collapse could have small impact on RI pension fund