There's been a lot of discussion about the end of quantitative easing, but relatively little about interest rates themselves. It's the level of rates that really matters.

This first phase of systems integration is the biggest hurdle. It's a must for the bank that the systems hook up properly.

Aeon isn't going to be a threat to the big banks.

With an outside investor, there could be better governance over the scheme, which could get its hands on bad loans the bank itself couldn't have.

There is an accounting benefit because unrealized securities losses were the biggest risk factor for the bank. It may be positive for its shares, but there is no economic merit.