Sarah Breeden, the BoE's executive director for UK Deposit Takers Supervision, said many of the new banks authorised since 2014, seem to have underestimated what is needed to become successful.
Bailey acknowledged there had been calls to step back from the Libor transition as a priority because of the shock to global financials markets caused by the coronavirus crisis.
But in my view, what we saw in financial markets in March in response to the shock of Covid only reinforces the importance of removing the financial system's dependence on Libor in a timely way.
"Our analysis showed that the sector was robust to downside stresses, with the highest uncertainty centred on certain general insurers' liabilities - particularly those arising from business interruption claims.
Bailey held a conference call on Tuesday with Britain's biggest lenders in which he emphasised that they needed to step up their plans for a no-deal Brexit, Sky said.
Britain's financial services minister John Glen said on Wednesday that the country