The Bank of England warned US regulators over the risks building at Silicon Valley Bank well before its collapse, central bank governor Andrew Bailey told a British parliamentary committee.
In a letter to the cross-party Treasury select committee published on Wednesday, Bailey said that the BoE had been concerned about “concentration risk” and the “overlap of clients” between SVB’s lending and deposit books in the 18 to 24 months preceding its seizure by US regulators on March 10.
The BoE’s Prudential Regulation Authority “discussed these with both the firm and the San Francisco Federal Reserve”, Bailey wrote.
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