Welcome to the rest of this politics question time with me, Rory Stewart.

And me, Alistair Campbell, and I want to start Rory with a question that shows the unbelievable

prescience of some of our listeners.

This is a question that we got last October, the 3rd of October, from somebody called

George Rose.

How scared should we be about current Credit Suisse CDS levels?

Did the global financial system learn anything from 2008?

Well, I mean, so why did we not answer that last time?

Exactly.

So firstly for this is CDS's Credit Default Swaps.

And that is what six days ago really began, perhaps, of Credit Suisse, but obviously George

Rose was onto it in October.

And is this related to the Silicon Valley Bank problems?

Is this a domino thing?

Yes.

Yes, absolutely.

Basically, people were so panicked by the collapse of Silicon Valley Bank that they began

looking around for other banks to be panicked by.

And people began withdrawing money from one of the weaker of the major banks of the world,

which is Credit Suisse, and essentially started a bank run.

And the result was the Saudi State Fund refused to keep funding them.

And in the end, the other great Swiss bank, UBS, has had to step in and buy out Credit

...