It has been another turbulent year for the global economy and the banking sector. Yet both have remained remarkably resilient, in no small part due to government and central bank fiscal support programmes.

Global aggregate tier 1 capital and assets have continued their onward march upwards. Global pre-tax profits have also bounced back from their slump last year. But the aggregate figures mask some significant regional, and country-specific variations. China remains strong, the US has bounced back, for Europe challenges remain.

The question now is how the world’s banks will fare as we enter a new period of economic turbulence, with interest rates rising and stimulus being unwound.