No ‘systemic banking crisis’, Bank of England governor says in Washington speech

Andrew Bailey said the reforms implemented after 2008 have worked to help the sector weather recent turmoil.

Andrew Bailey was speaking at an event hosted by the Institute of International Finance (Yui Mok/PA) (PA Wire)

The governor of the Bank of England has repeated that he does not think the world is facing a “systemic banking crisis” following a series of recent failures in the sector.

Speaking at an event in Washington, Andrew Bailey said the reforms that were put in place after the 2008 financial crisis “have worked”, and banks in the UK are in a good position.

“In recent weeks we have seen the crystallisation of problems in a few parts of the banking sector,” he said at an event hosted by the Institute of International Finance.