UK Banking system safe after Credit Suisse rescue

The bank was bought by rival UBS in a Swiss government-backed deal on Sunday after regulators worked frantically round the clock to secure a deal. 

It comes amid fears over the global financial system after two smaller US banks failed in recent weeks. 

Despite the action by regulators on Sunday, shares in European banks fell. 

Deutsche Bank and UBS were trading 1.8% and 3.7% lower respectively, having regained some ground. 

British banks, which last week saw their steepest falls in more than a year, also remained in the red. 

However, experts are not forecasting a repeat of the 2008 financial crisis when the failure of a number of big banks sparked a global recession. 

The Swiss National Bank said the rescue deal for Credit Suisse was the best way to restore the confidence of financial markets and to manage risks to the economy.