It's been a week of major bank failures, emergency talks, and central banks offering credit lifelines to halt the looming banking crisis.

Even if central banks and politicians say the situation is now stable, all this banking panic has left many people wondering: is this another financial crisis?

So, let’s see exactly how bad it is, and what it could mean for you.

What is happening to banks and why are people talking about it?

Global banks just had their worst week since 2008.

It all started with the surprising bank runs and collapses of Silicon Valley Bank and Signature Bank that prompted the Fed to take moves to prevent further contagion throughout the U.S. banking sector.

Meanwhile, Credit Suisse found itself in a downward spiral last week, despite a $50 billion emergency lifeline from the Swiss National Bank, and its customers started shifting their funds elsewhere. Finally, a takeover deal for $3.2 billion (€2.99 billion), by rival Swiss bank UBS was agreed upon Sunday with the help of the Swiss National Bank.

While the U.S. banks and Credit Suisse faced different challenges, all three (and the banking sector in general) were affected by one common factor: sharply rising interest rates.

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