The consequence of this approach is that when interest margins rise for corporate borrowers, as they did in late 2008, the gross value-added of the banking sector appears to go up.

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"The NFI has been vital in identifying and combating fraud, its long term value for the public sector has become immeasurable, " added Mr Colman.

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Value-added per person, a proxy for productivity, rose sharply in this sector, but the number of jobs actually declined between 2000 and 2008.

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"The only reason for consolidation in the sector is that investors continue to have this completely myopic view on the value of resources, " he added.

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