The scale on which capital has been replenished is very large, though the favorable impact on investor confidence has not yet been as strong as might be hoped for.
Much of the reason for the slow return in confidence lies in the parallel weakness of the fiscal situation – a weakness which also has its roots in the credit-driven property bubble which lulled the managers of the public finances into a false sense of security ending up with a tax and spending structure highly vulnerable to the downturn.