Banking collapse, runs on deposits and contagion effect are terms that will bring back unpleasant memories of Ireland's financial crash in 2008.

The words were widely used this weekend following the failure of US lender Silicon Valley Bank (SVB).

It was closed by US regulators on Friday following a run on deposits triggered by sharp falls in the bank's share price.

The authorities also moved swiftly to close New York's Signature Bank, which had come under pressure in recent days.

During the last banking crash, it was US banks that were among the first to fail with the likes of Lehman Brothers, Bear Sterns, Fannie Mae and Freddie Mac becoming household names for all the wrong reason.

Irish names like Anglo Irish Bank and Irish Nationwide were soon added to that list as the sector here crashed because of its over exposure to the struggling property sector.

The infamous bank guarantee followed, so too did a crippling recession and eventual EU/IMF bailout.

It was a bleak time in our country's history and one that no one will ever want to return to.

The US and UK moved quickly over the weekend to address the collapse of SVB.

The UK arm of the bank was taken over by HSBC as part of a rescue deal and the US said SVB customers would have access to all of their deposits from today.

The reassurances were issued as markets opened today but banking stocks suffered heavy losses amid concerns about contagion effect and wider weaknesses in the banking sector.

Could those worries impact on the Irish banks?

David Martin is a Capital and Debt Partner with EY. He believes that the Irish financial system is in a much better place compared to 2008.

"I think when you look at the Irish banks, it is hugely different to where they were 15 years ago," Mr Martin said.

"They have a much more diverse balance sheet and a much more diverse portfolio between corporate clients, business clients, personal clients and as well as that their sectors are more diversified compared to the likes of Silicon Valley Bank."

"There is always concern when a bank closes down and that is international concern rather than domestic concern."

"You will see that for the next couple of days and then we anticipate that things will settle down," he added.

EY dealt with some clients over the weekend who have deposits with SVB.

"There was a huge amount of worry among them about they would pay wages and that kind of thing but that now appears to have been alleviated," Mr Martin said.

Irish tech firms and the Department of Finance are today assessing the impact of the collapse of SVB.

In 2019, the bank announced plans to increase its lending to Irish tech start-ups to $500m as part of a collaboration with the Ireland Strategic Investment Fund.

The Minister for Finance Michael McGrath said he has asked the Financial Stability Group to do an assessment of any fallout from the bank's collapse on the Irish economy.

"There are certainly many business customers in Ireland of Silicon Valley Bank and so the Department of Finance, the NTMA, and the Central Bank are meeting today to carry out an assessment of any impact that there may be," Mr McGrath said.

A lot has changed over the last 15 year in terms of banking regulation and capital rules but the events of the last 48 hours will have brought back worrying reminders of 2008.

Let's hope that in that time lessons have been learned and that the mistakes of the past will not be repeated.