Shares in British banks were soaring on the FTSE 100, rising in double digits in many cases after the EU and the IMF put together a one trillion dollar rescue package to stave off a debt disaster in the eurozone.

Last week rioters killed three bank workers in Greece during protests against tough austerity measures being forced through in the country, which is in desperate need of foreign aid in order to stop it going into bankruptcy.

There are also concerns that sovereign debt in other "fringe" eurozone countries, like Spain, Portugal and Ireland could bring about the need for more bailouts from the EU/IMF.

News of the rescue package seems to have reassured investors about the future of the eurozone.

By 14:00 shares in Lloyds Banking Group were up 13.73 per cent to 60.78 pence per share, RBS shares rose 12.94 per cent to 51.30 pence per share, HSBC shares increased 6.67 per cent to 671.40 pence per share and Barclays shares rose 14.56 per cent to 325.00 pence per share.

Overall the FTSE 100 was up 4.54 per cent to 5,354.31.