Banker bashing is coming back, despite the banks having mainly done what they were supposed to do (for once)

One thing bankers say about the current crisis: at least it wasn’t our fault this time.

It’s true, and, believe it or not, they’ve actually done more than most other businesses to heal it.

The issuing of hundreds of billions of pounds of debt and equity to stop employers going bust would have been impossible were it not for bankers.

Quietly, they have worked as they were supposed to, bringing new funding in from diverse pension funds and sovereign wealth treasure chests to bail out cash-strapped businesses.

Despite that, they will still be the whipping boys of the politicians and media.

The attacks will come in three phases.

The first, we’ve had already — the rage over banks’ teething problems shipping out millions of Government Covid loans at a moment’s notice.

The second wave will start in October, when the FCA-ordered payment holidays on mortgages and other loans reaches an end. Many borrowers will still be unable to pay, and even the most flexible banks will foreclose.

Then will come the third and loudest. In three years’ time, the Government business loans the Treasury ordered banks to administer will come due.

Many borrowers — particularly in the bounceback scheme for the smallest firms — will default and go bust. Job losses will be awful; tales of hardship harrowing to hear.

By that time, the banks will be making money again and paying dividends and bonuses. Plentiful ammo for angry MPs, newspaper columnists and City regulators.

Banker bashing is coming back.