Plenty of shareholders in storm-tossed banks must look across the bay to the calm waters of mutuality with envy. Just as they seem to face a choice between oblivion or expropriation, Britannia Building Society and Co-operative Financial Services have laid out plans for a merger to create a so-called “super-mutual”, immune to the vagaries of the stock market. If the mutuals weren’t so nice about it, you might accuse them of deliberately mischievous timing.

In truth, though, while those who invested in HBOS (now part of Lloyds Banking Group) may hark back to the days of the Halifax, building societies have not emerged unscathed from the crunch. That’s partly because some sought to mimic the aggressive business models of former peers such as Northern Rock in 2006 and 2007. For these, rescue takeovers, however they are dressed up, are the simplest way of seeking shelter from the storm.