Credit-ratings agency Moody's warns of a brand new credit crunch, later this year and into 2011, as banks start to pay back 2007 and 2008's Government loans. The message is that the bail-out was a temporary fix, the pain is yet to be felt. Mortgage lending will be tight, as banks continue to struggle to raise money in the markets. For some building societies, things look bleak indeed:

"Building societies have been the main victims," Moody's said. "Without access to cheaper Government-backed funding, many will find it increasingly difficult to survive."

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