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Santander UK downgraded

The credit ratings agency Moody's has downgraded 16 Spanish banks including Santander UK. It is the first British high street bank to be downgraded this year since the Euro crisis. The firm insists this has no impact on its UK business.

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Bankia becomes eighth Spanish bank to be nationalised

Spain's fourth largest financial lender Bankia is now the eighth bank to become nationalised since the start of the Eurozone crisis, according to Spanish newspaper El Mundo.

The government took over Bankia, the country's fourth largest lender, on May 9 in an attempt to dispel concerns over the bank's ability to deal with losses related to a 2008 property crash.

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