Sunak: No systematic risk in our banks, strong liquidity

UK Prime Minister Rishi Sunak said there was no “systemic risk” for British banks after the US Silicon Valley Bank collapse.

In an ITV interview on Monday, Sunak hailed the transaction as a “good outcome” and said Finance Minister Jeremy Hunt and Bank of England Governor Andrew Bailey were “right to say they have no concerns about systemic risk”. In the banking sector, Sunak said, “Our banks are well capitalized, liquidity is strong.”

HSBC Holdings acquired the UK unit of SVB for £1 ($1.22) on Monday.