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Banks lead FTSE over 3 per cent lower

The FTSE 100 has closed 3.49 per cent lower at 3,763 with Barclays leading the heavy fallers.

The blue-chip index kicked off the day over 20 points lower at 3,877 on Friday’s close of 3,899 and by 9am had fallen to 3,800 with Barclays down almost 9 per cent to 158.80p.

Barclays’ refusal to join the Government’s toxic asset scheme saw the bank extend its losses closing over 14 per cent lower at 149.10p.

Other banks followed suit with Lloyds Banking Group finishing 14.85 per cent lower at 64.80p, Royal Bank of Scotland down 12.41 per cent to 23.30p and HSBC down 7.95 per cent to 370.50p.

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