At his departmental question session on 2 February 2010, he insisted that ensuring banks engaged in any risky trading had adequate capital was a more appropriate way of maintaining financial stability.

BBC: Treasury questions

So it will be galling to MPs and ministers that the proposed creation of a bigger Co-op Bank - which was seen as posing a far bigger competitive threat to RBS, Barclays, HSBC and Lloyds than the alternatives and might have sparked something of a mutuals revival - is likely to be sacrificed at the altar of protecting depositors and maintaining financial stability.

BBC: The threat to Co-op��s plan to be a bigger bank

In choosing the topic for this year's symposium--maintaining stability in a changing financial system--the Federal Reserve Bank of Kansas City staff is, once again, right on target.

FORBES: Reducing Systemic Risk