With the benefit of hindsight, “How to survive a credit crunch – the risk managers saw it coming” might have been a premature choice of cover story for ING’s in-house magazine exactly a year ago.

Since then, the Dutch banking and insurance group’s share price has fallen 71 per cent and at the weekend it agreed to take a €10bn ($13bn) capital injection from the Dutch government after revealing it would make its first quarterly loss.