RE: Re:At Last28 Mar 2023 14:31
LONDON (Reuters) - Sterling hovered around a two-month high on Tuesday as the Bank of England (BoE) said Britain was not experiencing stress linked to the demise of Silicon Valley Bank (SVB) and Credit Suisse.
BoE Governor Andrew Bailey told parliament's Treasury Committee in a hearing on SVB: "I don't think that any, and we've said this, that any of these features cause stress in the UK banking system."
He said the central bank was on alert amid global turmoil in the banking sector.
Markets have been roiled in recent weeks by the collapse of U.S. technology lender SVB, followed by the failures of other U.S. regional lenders and the emergency rescue of Swiss lender Credit Suisse by rival UBS.
Immediate investor concerns over the banking sector eased as regulators moved to refine their responses to the turmoil.
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