Ordinary UK savers' accounts are currently insured up to £85,000 per person per bank, a figure that has climbed significantly since the financial crisis 15 years ago.

Andrew Bailey's remarks at the International Monetary Fund (IMF) conference in Washington came in the wake of recent banking system problems.

He also stated that changes implemented during the global financial crisis were beneficial throughout the latest volatility.

Silicon Valley Bank (SVB) and two other US institutions failed in March, forcing UBS to acquire competitor Credit Suisse.

Mr. Bailey seemed mostly positive about the likelihood of avoiding another financial catastrophe like the one that occurred in 2008.

However, given the exceptional experience of digital bank runs at SVB, he indicated here that the Bank is looking at increasing levels of safety in the financial system.

Deposits, whether insured or not, were protected by US authorities. SVB's British branch was sold to banking titan HSBC for a modest £1.

Current bank safety guidelines anticipate that a bank will lose no more than 20% of its deposit base in a month.

SVB UK lost one-third of their deposits in a single day due to social media rumours, with depositors being able to withdraw funds instantaneously online.

It has been named the quickest bank run in American history by the chairman of the US Federal Reserve.

Ordinary UK savers' accounts are currently insured up to £85,000 ($106,000) per person per bank, a figure that has climbed significantly since the financial crisis a decade and a half ago. In the United States, the value is $250,000.

Both the EU and the US are looking at raising their already high levels of protection, but such measures would come at a cost to major banks and might constrain credit flows.

Fears over the stability of the global financial system caused a drop in bank shares throughout the world, though markets have found some stability in recent weeks.

(bbcnews.co.uk, MSN.com)