One less prop for those still trying to talk up the UK property market. If the investment banks have finally realised that their whole future freedom relies upon an appropriate level of prudence, then this will filter down to high street operators. If people can't borrow ludicrous income multiples to pay over-inflated prices then the only direction for property is down.

Clive, Sussex, UK

It's all very well that the institutiotns are admitting that they have made a mistake, but the damage is done, and it seems as if the effects will continue to reverbrate throughout the market for some time to come. What matters now is how the banks will deal with the current economic situation - will they continue to short every stock (a la Northern Rock) or attempt to stabilise the market? It remains to be seen.

Hassan Azam, Banbury, Oxfordshire, UK

This is the usual....industry representatives making an effort for the media when the governments have threatened to regulate more strongly (also helping the governments in the media by making it look like the banks have listened). What will happen next is either a continued downturn and all these apologists not caring as they have made fortunes with lax practises, or we return to stability and they make even more. Either way, by April they will have lobbied their way out of regulation.

Raj, London, UK

All of this financial turmoil, the Iraq war, the recessions, the 30 year rape of the poor worldwide since 1973, etc. began as naughty ideas in the head of Nathan Rothchild, 200 years ago. I suggest you watch "The Money Masters" at this address on the internet : http://www.informationliberation.com/?id=8702 I also suggest that we break forever the international banking cartel. The first act in that ferocious financial war is to close the Federal Reserve in America and put the creation and distribution of currency back into a truly government owned and controlled bank, printing and distributing "green back" dollars again as in Lincoln's era. We then encourage and COERCE all other western nations to do the same. That means taking control of the Euro away from the private banks, which are pretending to be public, and perhaps even returning to individual currencies for each nation again, and reintroducing protective trade barriers against third world countries paying slave wages.

victor compton, Cherbourg, France

The banks can admit to any wrong with little fear--they understand quite well it's socialism for them and capitalism for the rest of us.

T. R., San Francisco, USA

John,

Nobody has their house repossessed if they keep up with their mortgage repayments.... Individuals must take responsiblity for their own financial situtions

Graeme, London, UK

If your grocer puts a bad apple in the bag with mostly good apples and if it is a single occurance it may be called a mistake. If he is a wise business man he will make it up to his customer with a few extra good apples.

If it happens many times it is NOT a mistake!

D.C. Munson, Rockford,

Will they have to pay a fine? Will they help me get back my repossessed house? Will they help me get another job? Ah, how nice it is to admit mistakes, say something anodyne about learning from experience, smile, and then shove off in one's Aston to one's Georgian spread.

john problem, london,

The bankers have got the best job in the world: Being paid a fortune for being stupid.

anthony, london, England

The banks weren't snookered. With their yield hungry appetites
they created black boxes that took specious paper and viola....AAA grade securitizations!!.............lax standards and volatility surely gave dear old Uncle Greenspan something to help promote his books and speaking tour. The villaIn himself and the Goldman gang surely have the markets rigged. Wait there's more to come..

M. Patri, NYC, USA

The big investment banks were conned by a series of market operators with a financial version of the "Three Card Trick".They missed the sleight of hand as these operators shuffled the cards,took the money and said "Where's the Joker" ???.

ed corbett, bridgend , UK