Who would have thought it? Gulf states, or rather their petrodollar-flush sovereign wealth funds, had won a reputation for providing first aid to the ailing global financial system, taking stakes in once-revered names only to watch their value plummet. It was as if they could pour good money after bad almost indefinitely, even as the oil price fell towards $60 a barrel.

The same aura of resilience extended to the Gulf’s banks – until Kuwait’s weekend rescue. Gulf Bank is the region’s first casualty – not because of subprime losses or overexposure to the heady Dubai property market, but after derivative counterparties defaulted, costing it an estimated $800m. Seven days is a long time in a global financial crisis: a week after the Central Bank of Kuwait said deposit guarantees were not needed, Gulf Bank’s loss – which looks to be a one-off – forced it to guarantee all local bank deposits.