Sunak: There is no systematic risk in our banks, liquidity is strong

UK Chancellor Rishi Sunak said there was “no systemic risk” to UK banks after the SVB collapse and liquidity was strong. UK Chancellor Rishi Sunak said there was “no systemic risk” to UK banks after the Silicon Valley Bank collapse in the U.S. In an ITV interview on Monday, Sunak hailed the transaction as a “good outcome” and said Chancellor of the Exchequer Jeremy Hunt and Bank of England Governor Andrew Bailey were right to say they had “no concerns about systemic risk.” On the banking sector, Sunak said, “Our banks are well capitalized, liquidity is strong.” HSBC Holdings bought the UK unit of SVB for £1 ($1.22) on Monday.