Bank of England Governor Andrew Bailey said on Tuesday that creditor hierarchy was a "cardinal principle" and in Britain additional tier one (AT1) bondholders would not be treated as they were in the emergency takeover of Credit Suisse by UBS, Reuters reported. "In any resolution we will always abide by the code of hierarchy because that's a cardinal principle," he told a committee of lawmakers.

Global financial regulators should take a closer look at credit default swaps after relatively small transactions in the market amplified last week’s banking turmoil, according to the European Central Bank’s top oversight official, Bloomberg News reported. The Financial Stability Board, which brings together authorities from around the world, could review “how these markets really work,” said Andrea Enria, who leads the ECB’s Supervisory Board.

French unions are holding a 10th day of nationwide protests Tuesday to try to force President Emmanuel Macron to hit the brakes on his unpopular pension reform and open fresh talks, Bloomberg News reported. As concerns grow over mounting violence, labor organizations have blamed the government for creating an explosive situation. Marches last Thursday ended in chaos, with hardcore fringes clashing with riot police. Further scuffles have taken place in the days since.

Sight deposits held by the Swiss National Bank (SNB) jumped last week, data showed on Monday, suggesting that both Credit Suisse (CSGN.S) and UBS (UBSG.S) may have taken big chunks of emergency liquidity to secure their merger, Reuters reported. Sight deposits - cash held by the SNB for commercial banks overnight - jumped to 567 billion Swiss francs ($619 billion) from 515 billion francs a week earlier.

The Swiss government was compelled to intervene to save Credit Suisse Group AG as the troubled bank wouldn’t have survived another day of trading amid a crisis of investor confidence, Finance Minister Karin Keller-Sutter said, Bloomberg News reported. “CS would not have survived Monday,” Keller-Sutter said in an interview with Zurich newspaper NZZ.

For a bank, a loss of confidence is a fatal blow. After that occurred at several banks in the United States and Switzerland in the past few weeks, policymakers in the eurozone have been trying to shore up confidence in the region’s banking sector, the New York Times reported. At a conference in Frankfurt last week, representatives from the European Central Bank spoke confidently of the strength of the financial regulations and the intensity of the banking oversight in the 20-country bloc that uses the euro currency.

Italian Premier Giorgia Meloni’s government is preparing a new package worth €4.9 billion ($5.3 billion) that extends support to low-income families while weaning others off aid, Bloomberg News reported. The money won’t require extra deficit spending by tapping a €21 billion reserve already set aside in the budget, as well as reaping the benefit of higher-than-expected economic growth, said the people, who declined to be named as discussions over the bill are ongoing.

European Central Bank head Christine Lagarde told EU leaders euro zone banks were resilient because they have strong capital and liquidity positions, but that the ECB could provide liquidity if needed, EU officials said on Friday, Reuters reported. Lagarde was presenting her assessment of economic and financial developments to EU leaders as European banking stocks fell sharply, with Deutsche Bank and UBS knocked by worries that actions by regulators and central banks have not yet contained the worst problems.

Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland's second largest bank had to be rescued last week by UBS, Reuters reported. FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was "still open" whether new proceedings would be started, but the regulator's main focus was on "the transitional phase of integration" and "preserving financial stability".

Some bankers and traders are grappling with how to interact with Credit Suisse across various markets including debt and foreign exchange, with some increasing scrutiny when dealing with the Swiss bank or its products, sources said. On Sunday, UBS offered to pay CHF 3 billion ($3.23 billion) for Credit Suisse, a hastily-agreed merger engineered by Swiss authorities following a scramble to save the bank, Reuters reported.