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.
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".
Santander UK has been quick to reassure customers that their money is in safe hands, despite being downgraded by Moody's ratings agency.
The decision by a credit rating agency to downgrade Santander UK is another demonstration that the troubles in the eurozone affect us all