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However, it still closed at its lowest level in four years again today (Wednesday 8 October), having recorded a similar result on Monday (6 October) when it slumped 7.8 per cent to reach 4,589.19.

Today (8 October) the market fell in morning trading following the news that the government is to pump £50bn into troubled banks, in effect making them part-nationalised.

At 11am, the FTSE 100 was sitting at 4357.11 points, down 5.3 per cent, or 258 points, from the previous close.

However, an emergency interest rate cut by the Bank of England to 4.5 per cent later in the day helped the index claw back some losses, to end the day down 238.53 points, or 5.2 per cent, at 4366.69 - its lowest close since August 2004.

The index has so far lost 12.3 per cent this week, putting it on track for its biggest weekly fall since 1987, having dropped 32.4 per cent in the year to date.

In today's trading (8 October), HBoS emerged as one of the winners of the day climbing 23p to 117p.

Royal Bank of Scotland (RBS) also saw its share price rise fractionally by 0.70p to 90.70p.

HSBC, however, lost 22.75p of its shares valuing them at 878.25p.