HSBC has been forced to restructure its two multi-billion pound structured investment vehicles, Cullinan and Asscher, in a move to support their fragile financing structure and avert a full-blown firesale of their assets. The move comes less than two weeks after the bank said the two SIVs had "funding arrangements in place".

HSBC said in a statement today that it intends to provide the SIVs with up to $35bn (€23.5bn) of cash via liquidity facilities and term funding over the next seven months and would consolidate the vehicles onto its balance sheet.