Washington, 16 March 2023 (dpa/MIA) - The US banking system remains stable and secure despite the failure of Silicon Valley Bank last week, US Treasury Secretary Janet Yellen said on Thursday.

"Our banking system remains sound and Americans can feel confident that their deposits will be there when they need them," Yellen said.

Yellen's comments at a congressional hearing projected her confidence in the financial system despite a volatile week for banking stocks after US regulators took control of the bank, which focussed on technology start-ups.

"The government took decisive and forceful actions to strengthen public confidence," Yellen told US senators.

Yellen did not specifically comment on the crisis at Credit Suisse, the Swiss-based financial giant whose share prices plunged before receiving billions in emergency loans from Switzerland's central bank, or its potential impact on major US banks and the US financial system.

The US government and Federal Reserve central bank moved over the weekend to guarantee deposits and offer financing to banks following the collapse of Silicon Valley Bank, the largest bank failure in the US since the 2008 financial crisis.

However, investors have remained nervous with volatile trading on stock exchanges.