My hon. Friend is exactly right, so let us talk about stakeholder banks and look at some of the evidence. I refer colleagues to the NEF document “Reforming RBS” and some of its findings. First, stakeholder banks tended to be better capitalised and less volatile before the crisis, and they were less exposed to the risky and speculative activities that caused it. Co-operative banks suffered just 8% of the total losses incurred during the banking crisis, despite accounting for around a fifth of the European banking market. To put that in context, HSBC alone was responsible for 10% of those losses. Secondly, stakeholder banks were also more likely to keep lending after the crisis. In fact, German public savings banks, Swiss cantonal banks and credit unions in the US and Canada all kept expanding their lending to businesses right through the crisis and the resulting recession.