The Bishop of St Albans tabled a question on the health of the British banking sector on 21st March 2023:
The Lord Bishop of St Albans: To ask His Majesty’s Government what assessment they have made of the health of the British banking sector, following the challenges faced by overseas banks.
Baroness Penn (Con): 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.”
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