SIR – Is anyone really surprised that the banks have been caught out again?

What is surprising is that this activity was certainly known about by the ratings agencies some weeks ago when they downgraded the banks, both here and in the US. It was certainly known about by the Chancellor who, in anticipation of the ratings agencies impending action, actually gave the banks an additional £90 billion (to add to the £370 billion he had already given them) of our money.

Given that actions speak louder than words, we can gather from this, that the banks can simply do no wrong in the eyes of this government.

Over the next weeks therefore, I foresee a protracted period of mealy-mouthed verbiage from both the Government and the chairman of the Bank of England. There will be talk of public inquiries and select committees but I also predict that criminal proceedings will not be an option (unless of course a patsy or Ppatsies can be found to take the fall) I think most well-balanced, fair-minded people will agree that this industry desperately needs the firm and guiding hand of nationalisation (starting with RBS – which we own already).

Christopher Hindle, Osterley Grove, Bradford