In December, HMV warned that trading was so poor that it was in danger of breaching its bank loan agreements.

BBC: HMV 'confident of finding solution'

But the British have been cautious about giving most firms too specific a lead, unlike the French and Germans, says Nick Brayshaw, head of manufacturing at Barclays Bank, because they worry about breaching the European Union's competition rules.

ECONOMIST: The government has hopes of prompting a revival

That issue of the "collateral consequences" from bank spanking was cited by US Assistant Attorney General Lanny Breuer when explaining why the Department of Justice had chosen not to "fully prosecute" HSBC for its money laundering and sanctions breaching offences - and had instead put the bank on probation with a deferred prosecution agreement.

BBC: Are some banks too big to jail?