Bank of England gives evidence to Treasury Committee on collapse and rescue of Silicon Valley Bank UK
The Governor and senior leaders from the Bank of England give evidence to the Treasury Committee on the collapse and subsequent purchase by HSBC UK of Silicon Valley Bank UK at 9.45am on Tuesday 28 March.
Meeting details
The Governor of the Bank of England, the Chief Executive of the Prudential Regulation Authority and the Bank’s Deputy Governor for Markets and Banking give evidence on the Bank’s actions to resolve SVB UK and wider stresses in the banking sector, including implications for the UK of the failure of Credit Suisse.
Ahead of the session, the Committee has published correspondence from the Bank of England and the Government on SVB UK’s collapse.
The letters responded to a series of questions posed by the Committee. The Bank was asked how SVB UK was supervised before its collapse, how HSBC was chosen as a purchaser, and what lessons can be learnt about the regulation of the banking sector.
The Economic Secretary to the Treasury was asked what other support options the Government was considering at the time of HSBC’s purchase, the extent to which the Treasury intervened in the resolution process in favour of a sale over insolvency, and whether the Treasury sought assurances from HSBC on its approach to the UK tech industry as a condition of the purchase.