In a statement the company said in the "current environment of capital scarcity and uncertain economic conditions" it had decided to concentrate instead on developing cancer treatments.

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In other words, small banks will be disproportionately hurt by higher capital costs and scarcity of capital at a reasonable cost.

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Capital will therefore flow out (or fail to flow in) until the scarcity of capital pulls the after tax return up to the world return.

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Add to these the scarcity of capital and a prolonged financial crisis.

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In the 1990s a privatising government got around the scarcity of capital and know-how by coaxing state-owned pension funds to co-operate with private companies, and pushed public banks into giving them subsidised loans.

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