Standard Chartered has finally walked away from its $7.2bn off-balance-sheet investment fund, just one week after renewing its offer to bail out the vehicle, blaming further falls in asset values and "the confines of receivership".

Whistlejacket - the UK-listed bank's structured investment vehicle - was pushed into administration on February 11, soon after StanChart pledged on January 31 to provide support for the SIV.