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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 chairman: 'Investors can be reassured about savings'

Bankia shares tumbled today sparking investor fears Credit: Reuters/Andrea Comas

The chairman of troubled Spanish bank Bankia has reassured investors today about the "safety of their savings", according to El Mundo newspaper.

Jose Ignacio Goirigolzarri said in a statement to the National Securities Market Commission: "Depositors at Bankia can be absolutely reassured that their savings are safe" and that the bank's activity had been "within normal parameters".

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