In the days and hours before the crisis hit Bear Stearns, its CDS price hit 720 points. The message being sent out by the credit markets was clear - the bank's debt is very high risk. Credit insurance for debts at Iceland's biggest bank, Landsbanki, is priced at 610 points while that for Kaupthing is priced at a hair-raising 856. Given that these two have taken billions in UK retail deposits, it may be a sobering thought for savers to consider where they are putting their cash. These banks are now seen as the most unsafe in the developed world.

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