Silicon Valley Bank collapse was fastest since Barings, says BoE governor

Credit Suisse crisis was ‘drawn out’ compared with SVB demise, Andrew Bailey tells MPs

The governor of the Bank of England has admitted he was surprised by how quickly Silicon Valley Bank failed, saying it was the fastest demise of a lender since Barings Bank collapsed in the mid-1990s.

Andrew Bailey told MPs on the Treasury committee it had been decades since a lender had gone from “health to death” within a matter of days, saying that Barings Bank –which was brought down by the rogue trader Nick Leeson – was the only worthwhile comparison to what happened to the US tech lender.