Lionel Barber, Financial Times editor, spoke with Eric Daniels, Lloyds TSB chief executive, at the bank’s London headquarters. Below is a transcript of the interview on November 27.

Lionel Barber: Mr Daniels, we’re now almost 18 months into the credit squeeze, the banks in Britain, and around the world, have gone through a near death experience, what is it going to take to get the market moving again?