Since banking and financial markets are so interconnected, the fundamental transformation in financial services is affecting all types of financial institutions, even those less directly affected by recent events.
At some stage down the track, this is likely to result in disappointment for many and distress for some – hence we had a duty to speak up. More generally, however, there is a very large accumulation of wealth which remains, as yet, untapped. One of the important questions is to what extent households will be inclined to draw on this in the future.