The unfortunate upshot of a consensus is that the minority usually get ignored. But when it comes to corporate governance, the opposite is often the case.

Buried in the 571 pages of the Parliamentary Commission on Banking Standards report is a glimmer of hope for bond investors, who rightly feel they should play a greater part in the corporate governance of UK banks. It suggests that "market discipline from creditors… should encourage banks and their managements better to balance downside and upside risks." In other words, bondholders, not just shareholders, should play a more active role.