But, UBS analysts were not convinced by the move, saying they estimate that the deal reduces group medium-term profit growth from more than 10pc to less than 6pc.

UBS analysts say they expect the eurozone to double dip into a recession in the first half of 2012.

"I admire what Lenovo is doing," said Joe Zhang, a UBS analyst who follows Lenovo.

The Bank's refusal to contemplate new support programmes for UK banks has left them with "few or no backstops", according to UBS analysts.

"We continue to believe that £3 billion a year in future is easily within the scope of maintaining the single-A credit rating," UBS analysts said in a note to clients.

Stephan Potgieter, UBS analyst, said it was an "elegant" way to improve Investec's capital mix.

A report by UBS analysts claimed the Bank's actions meant British lenders were having to pay more to issue debt than their Continental rivals.

"For a deposit-funded bank with little interest rate risk on the books, we regard this as a 'gold standard'," the UBS analysts said.

Mr. Bradford, the UBS analyst, pointed out that much of the losses reported by the major steel companies resulted from special items.

UBS analysts warned the lack of an emergency scheme from the central bank to support the banking system in the event of a new crisis had already raised funding costs.