Silicon Valley Bank

Debate between Vicky Ford and Andrew Griffith

Monday 13th March 2023 Commons Chamber

[Andrew Griffith]

I am delighted that the hon. Lady’s constituents benefit from the certainty. It was a terrible weekend for everybody who was a depositor or who was in some way dependent on SVB UK. That is why it was so important that we not just achieved this outcome and that the regulatory structure and laws laid down by Parliament allowed us to do so, but that we were able to act decisively. I welcome the fact that another great British bank, HSBC, has stepped in, and I wish it and all the employees well.

It would be inappropriate for me to comment on particular things that were said. Fortunately, we are in the position that every depositor has been made whole, and therefore that issue does not arise.

[Vicky Ford (Chelmsford) (Con)]

I massively congratulate my hon. Friend and His Majesty’s Government on this news. I spent three years of my life pushing the post-crash banking recovery and resolution frameworks through Europe, so I can absolutely confirm that the fact that there are now powers in so many countries to rapidly resolve failing banks without the need for taxpayers’ money is in very large part due to the outstanding global leadership of the post-crash Conservative UK Government and the actions of the now Governor of the Bank of England. Can my hon. Friend confirm that going forward, the Government will ensure that our financial services regulators not only work to reduce systemic risk, but back our financial services sector in its efforts to invest in our country and help our economy grow?

[Andrew Griffith]

I can absolutely give my right hon. Friend that assurance. In doing so, let me also pay tribute to her work as a Member of the European Parliament between 2009 and 2017, when she led on banking reform.