Projections for a prepaid-card economy see 360 million cards issued in Europe by 2010. But this lucrative business still carries risks.

The three-way bid by RBS, Fortis and Santander for ABN AMRO is the prototype for a new model of mergers and acquisitions deal.

Globalisation is throwing up new consumer potential in the emerging world and shattering old theories of economic management. Banks failing to track this fast-moving target will be consigned to history.

The current Zambian case not withstanding, most distressed debt traders form a valuable part of the financial system.

The establishment of a set of voluntary guidelines for project finance has handed pressure groups a stick with which to beat banks.

While rejecting numerous overtures from suitors, the London Stock Exchange has failed to go on the offensive and risks being left behind.

The UK bank’s US exposure should only be a short-term liability and shareholders will again benefit once the economy rebounds.

This may be the year that the US pendulum swings away from excessive regulation towards balanced principles.

Despite China opening up banking to foreigners, incomers will face difficult challenges to make an impact on such a gargantuan market.