If we want to avoid future financial crises that impoverish us all, we've got to pin our hopes on the effectiveness of these new rules - which also cover the amount of cash banks have to hold against the threat of runs, the longevity of their own debts and the risks that banks attach to different kinds of loans (among other things).

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Much of the increase in borrowing has been by people on lower incomes who would once have been denied unsecured credit, but can now get it because of the development of financing techniques that allow lenders to spread their risks by selling securitised bundles of loans in the financial markets.

ECONOMIST: America goes bust

Provisions for losses increased dramatically from 7.8% in 2007 to 16% in 2008 because of the credit crisis but recovered back to 10.6% during 2009 and 7.5% in 2010 as the banks have become more conservative in their lending standards and are avoiding making loans where the risks of default are high.

FORBES: Upside Outweighs Downside For Capital One

"The proposal to lower down payments is of particular concern given the greater default risk of these loans and the difficulty of setting prices for new products whose risks may not be well understood, " the report said.

FORBES: Nothing Down

Which means the ECB would face the uncomfortable choice of turning off the life support, and see quite a few banks falling over, or lending on the basis of inadequate security - and thus taking significant credit risks with these loans.

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As I am sure you know, interest rates are normally higher on loans for longer periods, because the conventional view is that for the lender, the risks of lending rise with the length of the loan.

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