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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Spanish government official: 'No deposit flight at Bankia'

Spain's Economic Secretary has said that there had not been an exit of deposit funds from troubled bank Bankia, according to Reuters.

Economic Secretary Fernando Jimenez Latorre said: "It's not true that there is an exit of deposits at this moment from Bankia".

El Mundo newspaper had reported earlier that Bankia had lost over 1 billion euros in deposits, around 1% of retail and corporate accounts, over the past week.

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