British Banking Sector - Question

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

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

My Lords, the Swiss authorities were in the lead in the solution for Credit Suisse but my noble friend is right that, given the significant presence of Credit Suisse in the UK, the Treasury has remained in close contact with the Bank of England and the Swiss authorities in recent days. We welcome the comprehensive set of actions set out by the Swiss authorities to support financial stability. The UK authorities are going to take a number of actions to support that action, including PRA plans to approve a change in control application for the Credit Suisse subsidiaries in the UK. The resolution of the Credit Suisse situation was for the Swiss authorities, but the UK remains in close contact.