Paul Moore, the risk officer who warned former HBOS chief executive Sir James Crosby against his expansion strategy in 2005, was far from being alone in warning that the credit boom would end in tears. Tim Bond, head of asset allocation at Barclays Capital, has emerged as an industry whistleblower.

Bond, who published his 2009 equity/gilt study yesterday, confirmed statistical models were flashing up warning signals to the banking community from 2005-6 onwards.