Bank of England finds SVB UK clients pulled £3bn on day of collapse

Giving evidence to MPs

The Bank of England has revealed that British technology firms withdrew £2.9bn from the UK subsidiary of Silicon Valley Bank on the day the bank collapsed in the US, exceeding the expected size of withdrawals.

Governor of the Bank of England Andrew Bailey gave written evidence to MPs on the collapse of SVB in the US and subsequent rescue by HSBC of its UK subsidiary. Bailey, along with Andrew Griffith, the economic secretary to the Treasury, were both requested by Harriett Baldwin, chair of the Treasury Committee, to give evidence on the topic. In his response, Bailey said the scale of withdrawals on the day of SVB's collapse on 10 March amounted to 30% of the SVB UK's entire deposit base, and said it was unclear if it could continue to withstand that scale of outflow.  BoE 'could hold r...