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Around 1:50 p.m. BST (8:50 a.m. ET) the Europe-wide bank index is lower by more than 4.3%, and is heading towards its worst one-day performance since the day after Britain voted to leave the EU. Here's how that looks:
Despite assurances from Italian prime minister Matteo Renzi that Monte dei Paschi's NPL problem is now over, investors are starting to doubt just how viable the rescue plan — which will give a €5 billion capital injection to the bank and shift its entire portfolio of NPLs (worth roughly €28 billion) into a securitisation vehicle — actually is. That has sent shares crashing once more, and erased all of yesterday's gains. Here's the chart
The Europe 50 index is designed the track Europe's 50 biggest companies. The dumping of the two banks follows a more than 45% slump in shares of both Credit Suisse and Deutsche Bank so far this year.
Elsewhere in the banking sector, things don't look much better on Tuesday. Here's a snapshot of how the continent's banks are performing so far on Tuesday, and it is a sea of red:
Shares in British banks are also tumbling on the day, although relatively speaking, they are getting away pretty much unscathed. Here's a look at how the UK's financial institutions are doing on Tuesday: