There is likely to be much deliberation over such a bid and it is almost unthinkable that the U.K. government would not become involved.

There are likely to be people who bid on certain loans because they want to support people they care about and can relate to. For example, a successful entrepreneur may remember the trials and tribulations of getting a loan to start her first business, and be instantly drawn to borrowers who are budding entrepreneurs.

Having an agreed deal is more likely to be effective than someone just coming in with a hostile bid.

Today's in-line figures mark an interesting contrast with the above forecast results received recently from rival Legal and General -- where improved UK business underpinned well-received figures.

This looks to be a clever and unexpected move by the Nasdaq exchange.

With the chairman off, a downgrade and the Japanese no longer likely to bid, the shares are unlikely to make further progress in the short term.