That’s the banks dealt with, so what next for sovereign funds? How about oil? Sovereign wealth funds have been busy pumping money into western financial institutions – at least $80bn over the past 12 months. But the sovereign stash is estimated to be at least $2,000bn and counting. Further rescues of banks may well be on the cards but the funds must also look elsewhere for other opportunities.

The energy sector is one of the largest and most liquid in the equity markets of the industrialised world. It constitutes 12.4 per cent of the S&P 500, ranking third behind IT and the much-diminished financials. Sovereign funds could deploy large sums in oil stocks without reaching significant stakes. Buying 5 per cent of just the top three US majors – ExxonMobil, Chevron, and ConocoPhillips – would cost a cool $39bn.