(Updated 2:30pm) Banks are continuing to take the brunt of the latest market sell-off as fresh fears of a European banking crisis emerged on Monday.
London's leading index is 175 points lower, or 3.4%, at 5,116, with some of the UK's largest banks seeing big falls.
Investor sentiment has been hit after Britain's services sector suffered its biggest slowdown in a decade.
Meanwhile, fresh fears over Italian and Spanish debts have also reasserted themselves.
In London, part-nationalised RBS is almost 12% lower at 21.9p, while Lloyds Banking Group and Barclays have fallen by 7%.
There are also ongoing concerns over what the impact will be on UK banks if they are forced ringfence their investment arms.
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch