Bank of England ‘vigilant’ in wake of Silicon Valley Bank collapse, says Bailey

The Bank of England’s governor has said it is on high alert and will remain “vigilant” to further turmoil after the collapse of Silicon Valley Bank, noting it was the fastest demise of a lender since Barings Bank in the mid-1990s.

Andrew Bailey told MPs on the Treasury select committee it had been decades since a lender had gone from “health to death” within a matter of days, saying that Barings – which was brought down by the rogue trader Nick Leeson – was the only worthwhile comparison to what happened to the US tech lender.