Professor Philip Lane:

I agree that it is difficult to tell those apart but the systemic element of the crisis means the banks are in very similar situations. Let me emphasise that it is disappointing. Going back to the trackers, all of the major institutions have seen major problems. It is not just that they had a common set of circumstances. There are cultural issues that seem common to the banks about how central a place consumer interest occupies in their business model. This is something we are working on. It is not just us. It involves the boards of the banks and others. The cost of this episode to the banks in terms of reputation, enforcement actions and redress should be so severe that it alters their behaviour for the future.