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

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. Andrew Bailey, Governor of the Bank, gave written evidence to UK members of Parliament 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 House of Commons Treasury Committee, to give evidence on the topic. In his r...