The Slog understands that regulators have regained the initiative in the battle to make banks give themselves a larger capital cushion against liquidity and bad debt problems. The details remain unclear, although we are being told by US sources that a coordinated ‘ambush’ intends to present a united front to banking firms on a take it or leave it basis – perhaps early next week or by the following weekend.

There is also one report of a clause to limit the amounts allowed for, and circumstances of, any dividend payments to bank shareholders, although this remains unconfirmed.

Recently the Slog reported at some length about frantic lobbying by some larger EU banks against the proposed new Basel III regulations. These were in fact later diluted, much to the disappointment of those looking to keep risk-banking under firmer control. Were the new rules to be adopted, I understand it will represent a major (albeit rare) victory for government sense over banker hubris.

To date (14.00 BST Wednesday) enquiries among eurozone and UK based traders and managers have betrayed zero awareness of the plan; although this may simply represent people remaining tight-lipped. One of those contacted did however offer a list of those he thought “will need to find some serious money…and fast” if the story is true – and the new proposals get through.

These were Credit-Agricole, Barclays, Deutsche Bank, Germany’s Hypo Real Estate Bank, Bank of Athens, and (unsurprisingly) Anglo-Irish. The Irish Cabinet is expected to release a statement concerning the last of these this afternoon. Hypo was one of the seven to fail the stress test, so this is also hardly new-news.