Deutsche Bank emerged today as a key player in the rescue plans for Jarvis, the UK engineering group whose shares have plunged more than 70% in the past three months. Under terms outlined this morning, the bank will spearhead £378.4m (€558.5m) of emergency refinancing.

The German bank is lending Jarvis new capital, underwriting a special share placing, and is one of a group of core lenders which has agreed to swap their debt for equity.