Update: Banks and miners drag FTSE into the red

Shortly after 2pm, London's leading share index was down 3%, or 162 points, to 5169. Barclays has plunged 8%, whilst part-nationalised Lloyds Banking Group and Royal Bank of Scotland are both down over 7%. Randgold Resources is the only stock to make a gain. European markets have fallen further into the red in mid-morning trading on the back of recessionary fears, with the FTSE 100 suffering triple-digit losses. Shortly after 11am London's FTSE was down 1.9%, or 102 points, to 5,228. Germany's Dax has also slipped further into negative territory and was down 3.1% whilst France's...