Michael Noonan says there's no reason to be worried about Italy's banks - because the head of the ECB is Italian himself.

The finance minister has played down the effect of yesterday's Italian referendum, which has lead to the prime minister resigning and a possible snap election.

The euro fell to its lowest in two years this morning, but rebounded later in the day, over fears about the future of Italy's banking sector.

But Michael Noonan says there's no fear of a crisis - because the ECB's current president Mario Draghi used to be the head of Italy's central bank: