It will now review its existing banking operations, under a new chief executive who arrives on 1 May, and I am told that it could decide to withdraw from banking completely.

BBC: Will Co-Op pull out of banking?

And, according to my sources, the FSA is broadly saying to the Co-Op that it has to decide whether its future is in banking or in supermarkets (although I am sure the FSA would deny putting it in such stark terms).

BBC: The threat to Co-op��s plan to be a bigger bank

They are particularly dependent on selling to economies - that like the UK itself - became far too indebted during the boom years (and to labour the point, I am talking here about the aggregate of household, corporate, banking and government debt, not government debt alone).

BBC: Can Germany afford eurozone collapse?

The Parliamentary Commission on Banking Standards is deliberating on its final report, which - I am told - is unlikely to be published before June.

BBC: Should the Treasury keep 'bad' RBS?

"I am not so naive as to think that all potential conflicts can or should be expunged from banking, " Volcker says.

FORBES: Is Wall Street Hopelessly Conflicted?

The point, as I am sure you know by now, is that the eurozone crisis is a sovereign debt crisis and an inextricably connected banking crisis (and to get my plug in early, if you want to know more about this, you could watch "The Great Euro Crash, with Robert Peston" this coming Thursday on BBC2 at 9pm).

BBC: Could the euro survive a Greek exit?