ECB’s Lagarde insists banks much stronger than in 2008 after raising interest rates despite Credit Suisse turmoil – as it happened

ECB presses on with 0.5 point increase in eurozone interest rates, and says it stands ready to respond to market turmoil

• Credit Suisse: what is happening at Swiss bank and should we be worried?

Credit Suisse's largest shareholder, Saudi National Bank, has said the market turmoil in shares of the Swiss lender was unwarranted".

Saudi National Bank chairman Ammar Al Khudairy told CNBC this morning that:

If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses.