Bank of England Governor Andrew Bailey said the UK central bank was on high alert since the failure of the U.S. technology sector focused lender Silicon Valley Bank in the past few weeks.

"We are in a period of very heightened, frankly, tension and alertness," Bailey said at the Treasury Select Committee hearing on the Silicon Valley Bank collapse.

However, the UK was not experiencing any stress in connection with the collapse of SVB and Credit Suisse, the banker added.

BoE Chief observed that the demise of the SVB was the fastest since the collapse of Barings Bank in 1995. Bailey admitted that he was surprised by the speed of the SVB's collapse.

Further, Bailey said that guarantee to all bank deposits should not be the norm.

The governor pointed out that the UK is not in a position similar to the 2008 global financial crisis.

At the London School of Economics on Monday, Bailey said the monetary policy committee will focus on returning inflation back to the target even in the face of the recent banking sector turmoil.

The BoE Chief observed that the UK banking system is resilient, with robust capital and liquidity positions, and well placed to support the economy. Moreover, there is a strong macroprudential policy regime in the country, Bailey added.

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