Now the odd thing, which I didn't realise until recently, is quite how "Heath-Robinsonesque" the FPC's powers are.

BBC: UK banks 'still short of capital', says BoE

Since George Osborne has set up the FPC with independent authority to minimise the risks in the financial system, he would not find it easy to over-rule or ignore it on the first occasion it makes a big decision.

BBC: Will RBS sell Coutts?

The Bank's Financial Policy Committee (FPC) has concluded that they collectively need to raise more than the sums they have individually negotiated with the soon-to-be-closed Financial Services Authority (they have recently been agreeing measures with Andrew Bailey of the FSA to strengthen themselves - which is why, for example, Royal Bank of Scotland is shrinking its investment bank and floating off its US bank, Citizens).

BBC: UK banks 'still short of capital', says BoE