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Shares in UK bank HBOS are leading a steep decline in UK stocks as turmoil on financial markets intensifies.
Investors are concerned that HBOS is too dependent on money markets to fund its lending as the cost of borrowing shoots up.
Shares in HBOS were down 34%, or 79.5 pence, at 153p after an 18% fall a day earlier. Many other bank shares have also been hit.
In a statement, HBOS said it had a "strong capital base".
HBOS said on Monday that the group had the strongest capital ratio of all the major UK domestic banks.