Major banks around the world have said they have exposure worth billions of dollars to a US broker accused of a $50bn Wall Street fraud scheme.
Spain's largest bank, Santander, said one of its funds had $3.1bn invested in the firm run by Bernard Madoff.
France's largest listed bank, BNP Paribas, estimated its exposure to be more than $460m.
Mr Madoff was arrested on Thursday and has been charged with fraud.
He is alleged to have used money from new investors to pay off existing investors in the fund, defrauding investors of $50bn.
Japan's top broker Nomura said it faced losses of up to €225m. This morning, Royal Bank of Scotland said it faced a potential loss of around £400m.
Britain's HSBC said it has exposure of about $1bn.
