Bank of England on heightened alert for further banking risks
The Bank of England is on "heightened" alert for further turmoil in the banking sector, its governor has said.
Officials have tried to calm investors since Silicon Valley Bank and Signature Bank failed, sparking concerns about the stability of other lenders. Mr Bailey said it was "the fastest collapse from health to death" since the UK's Barings Bank failed in 1995 after suffering heavy losses resulting from fraudulent investments. Sam Woods, the chief executive of the Prudential Regulation Authority, noted that SVB UK saw about a third of its deposits - £3bn - withdrawn on one day.
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