Exceptional circumstances can throw up exceptional requirements. Even a few months ago, it would have seemed outlandish that the British government would create a company to manage economic interests in banks with assets totalling about £3,000bn. But that is the task for UK Financial Investments, which will be fully operational in December. It sounds a huge job, with holdings in Royal Bank of Scotland, Lloyds TSB, HBOS and, in due course, Northern Rock and Bradford & Bingley. Nevertheless, UKFI’s core team will be very small – because our mandate is precise.

First, we will operate like any other active, engaged shareholder to maximise the sustainable value of the taxpayer’s investment in the banks, taking account of risk. There is no fudge in this remit. The government has been clear that our over-arching objective is to protect and create value for the taxpayer, and that we must operate on a commercial basis at arm’s length.