
UPDATE: HSBC buys the UK division of Silicon Valley Bank for £1
Bloomberg Daybreak: Europe Edition
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The UK Banking System Is Very Secure, It's Well Capitalised
The Bank of England is very clear. The UK banking system is extremely secure, it's well capitalised. And I think we demonstrated that resilience by what was happening over the weekend and the fact that we were able to come up with a solution so quickly. Now, the final question, why did you push for a sale? There were other options on the table. We always have to watch everything that's happening everywhere in the world when it comes to financial stability. But what I would say is the Bank of England are very clear. This whole crisis emerged from something completely unexpected - the collapse of a US bank because of unforeseen circumstances.
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