Eric Daniels, Lloyds Banking Group’s chief executive, described the launch of the bank’s long-trailed recapitalisation on Tuesday as a “milestone”. It could very easily have been a gravestone.

Only a few weeks ago, there was widespread scepticism in the City that there was appetite – either among investors, or the government, which owns 43 per cent of Lloyds – to support a capital raising, and many were starting to suggest that Mr Daniels’ head should be on the block.