Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what data his Department holds on the number of companies which banked with Silicon Valley Bank UK; and whether there were requirements on Silicon Valley Bank UK to diversify its deposit holders.

The Prudential Regulation Authority (PRA) is responsible for the supervision of financial institutions operating in the UK.

UK prudential standards, including those on concentration risk are derived from the Basel Committee on Banking Supervision (BCBS) – the international standard setter. On a firm-by-firm basis, the UK regulatory framework allows the PRA to require firms to hold additional capital where their exposures are concentrated on specific activities and are not well diversified.