Multi-billion dollar rescue deal

Multi-billion dollar rescue deal for First Republic bank

The move came as authorities in the US are trying to quell panic over the health of the banking system, after a series of bank collapses in the US.

BBC reports worries about the sector have spread globally, raising fears of a crisis.

US regulators called the move "most welcome", while the banks said their action reflected their "confidence".

They said the banking system had plenty of cash and made big profits.