Or to put it another way, telling banks they have to raise material amounts of capital - without telling them how much capital and setting a deadline from them to find it - may have the perverse and damaging consequence of contracting the amount of credit supplied to the economy, and knocking economic recovery yet again.

BBC: How big is the 'material' hole in banks?

That means the financial damage to Lloyd's from this coincidence of horrific disasters is limited, with no material impact on the capital it holds to absorb losses.

BBC: A lesson for the banks

As you probably know, the success or failure of Lloyds' attempt to generate high profits and returns on its capital are of material importance to most of us, in that taxpayers own 41% of the bank.

BBC: Lloyds: Privatising at a profit looks far away

MBIA, which had its ratings affirmed in February, said that no material adverse changes have taken place since then and that its capital position had improved.

FORBES: Facing Downgrade, MBIA Comes Out Fighting

Capital is not what humans strive for, the triumphant reward of our material aims.

FORBES: The Role of Capital Has Politicians Confused