The supposedly worst-case losses and resultant capital needs of Cyprus's banks were calculated last summerin an exercise conducted by Pimco, the US bond fund manager.
Those who bought the stock, particularly in the early part of the summer before trading and investing in FB became a bottom-picking exercise, did so based on expectations that have almost certainly been dashed against the rocks by now.
The Environment Agency said Exercise Watermark was England and Wales's biggest emergency planning exercise, and was one of the recommendations made by Sir Michael Pitt in his review of the summer 2007 floods.