"HBOS will attempt to raise £4bn"

As I calculated before, UK banks will have to have rights issues of about £1 for every £5 market capitalisation.

HBOS is now going for a £4 billion rights issue, against a current market capitalisation of £18 billion.

As a rough guide, you can assume that the next to do rights issue will be those with the lowest ratio of market cap-to-gross assets, i.e. Barclays, Alliance & Leicester and Bradford & Bingley.

HSBC and Standard Chartered look pretty 'safe' for now; Lloyds TSB is borderline.