What seemed to be something of a threat then - the Royal's already shed half of its investment bank, so force us to ring-fence and see what happens - has turned into more of a prediction.
On a lark, Mr. Minsky spent some time "inventing useless things, " he says, such as a "gravity machine, " a device that would ring a bell if the force of gravity changed.
He and Sir Winfried have also now come out in favour of Mr Osborne's decision to give regulators the power to force a complete separation of any bank that fails to respect the spirit of the ring-fence.