In a further sign of something like normality returning to the markets barclays has managed to sell its fund management division, Barclays Global Investors (BGI), to US money management firm Blackrock for £8.2bn ($13.5bn).

One thje one hand this is a sign of Barclays wanting to provide itself a bigger cushion of capital against potential further losses, but on the other hand it is a sign of increasing confidence and new sources of liquidity returning to the beleagured banking sector.

Following as it does the successful rights issue buy LLoyds TSB to pay back the Government preference shares last month it feels more like the “green shoots of recovery” can finally be seen in the UK banking sector.