Desmond Swayne
Main Page: Desmond Swayne (Conservative - New Forest West)Department Debates - View all Desmond Swayne's debates with the HM Treasury
(1 year, 8 months ago)
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Andrew Griffith
It is not uncommon for banks to have a particular specialism. Labour Members have worked to bring forward regulations that will help us have more credit unions, which tend to have a geographical concentration, and there are agricultural banks and other wholesale banks, so it is not of itself an unusual feature. In this case, we were able to take action precisely because of the UK regulatory structures and the interventions we can make. We will learn any lessons, but this is a Government who are on the side of technology companies and the life sciences, and we have been proud to deliver this outcome—this important certainty—and to remove the jeopardy they otherwise faced at the opening of business this morning.
Sir Desmond Swayne (New Forest West) (Con)
What estimate had the Bank of England made of the health of SVB before the events of the weekend?
Andrew Griffith
It would not be right for me to answer on behalf of the Bank of England, if my right hon. Friend will forgive me. We have an independent regulator that looks at these matters. The Treasury Committee regularly takes evidence from the Bank of England, and I am sure it will do so in future.