The problems facing British banks as a result of the financial problems in Dubai are refusing to go away.

According to unidentified sources a group of major banks have failed to reach an agreement to reschedule the debt repayments of Dubai World, Reuters reported today (December 10th).

Dubai World, which is owned by the government of the Middle Eastern emirate, sent shockwaves through the financial world recently by requesting more time to pay back its $59 billion (£36.2 billion) debt, much of which is owed to British banks.

The banks in question are said to include HSBC, Standard Chartered, Lloyds Banking Group and Royal Bank of Scotland.

If banks are unsuccessful in negotiating the debt with Dubai World, thefinancial services sector in the UK could face wider ramifications. The number of places on banking graduate schemes could be limited if banks lose out.

Stock exchanges worldwide fell following Dubai World’s debt request, and the Dubai stock exchange has fallen by more than six per cent.

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