The Latest Breaking News on Banking turmoil questions answered: What it means for you, your mortgage and your pension

Geneva (AFP) - UBS's emergency takeover of its troubled Swiss rival Credit Suisse, with significant backing and arm-twisting from Bern, sparked fears Monday it could weaken the country's biggest bank and financial sector as a whole.

London markets grapple with takeover as FTSE 100 down 0.7 per cent today

The European financial system is "resilient" the European Central Bank said on Monday, as global bank shares and oil prices slumped following the announcement that Switzerland's biggest bank UBS will take over troubled rival Credit Suisse.

Not long ago, the acquisition of Swiss banking giant Credit Suisse by UBS would have been unthinkable. Now, it is happening at speed to prevent the unbearable.

Interest rate rises look less likely as turmoil continues in financial sector as wider markets find support

Thailand's central bank on Monday repeated that it expected only a small impact on the country's financial system and financial markets from the problems at banks in the United States and Europe, and would closely monitor the situation.

Minister for Public Expenditure Paschal Donohoe has expressed confidence in European banks and said the sector will weather the current crisis, following the failure of Credit Suisse.

As Switzerland’s second biggest lender, Credit Suisse was considered one of the top 30 most important banks in the world

London (AFP) - Global bank shares and oil prices slumped Monday as a UBS buyout of Credit Suisse and reassurances from financial authorities failed to calm investors spooked by a fresh crisis.

Australian markets have plunged again as the bailout of European banking giant Credit Suisse rattles confidence in the global bank system.

Stock futures slip lower as banking crisis spreads; Week Ahead: Fed meeting in focus as rate bets mixed; UBS buys credit Suisse for $3.3 billion, gets massive government support; First Republic shares slump after second S&P downgrade and New York Community Bancorp cuts deal to buy Signature Bank.