Last summer, Kaupthing loans to the Tchenguiz empire amounted to 230bn krona (£1.47bn) – equivalent to 46% of bank deposits.
It\’s easy enough to make money in the middle of an asset bubble if you\’ve a compliant banker willing to fund you.
But to nearly half of the deposit base? That\’s near lunacy in a banker, to be so exposed to one individual.
For, of course, when the bubble bursts it might be a tad difficult to get the money back.