Now that swathes of the British and Irish commercial banking sector are in the hands of the state, or close to being so, their wealthy clients need to ask themselves whether their private banking arms can possibly function as government-controlled institutions.

Royal Bank of Scotland, for example, is set to become 70%-owned by the UK government. It also happens to own an impressive array of wealth management assets. Its biggest brand is Coutts & Co., bankers to the Queen, and one of the most venerable names in private banking. It also owns Child & Co., Drummond & Co., Natwest Private Bank and Adam & Co.