British Banking Sector - Question

Part of the debate – in the House of Lords at 3:06 pm on 21 March 2023.

Alert me about debates like this

Photo of Baroness Penn Baroness Penn The Parliamentary Secretary, HM Treasury 3:06, 21 March 2023

The UK Government welcome the steps taken to support financial stability on Sunday by the Swiss authorities relating to Credit Suisse. This follows the sale on 13 March of Silicon Valley Bank UK to HSBC after the resolution of its US parent. No other UK banks have been materially affected by these actions. The Governor of the Bank of England has confirmed that, in his view:

“The wider UK banking system remains safe, sound, and well capitalised.”