Not so stressed
7 May 2009: it's an important date.
Important, because it may well be the day we could relax a bit and be confident that our biggest banks are on the road to recovery - that the risk of any of them going belly-up has diminished very significantly.
Which is not to say that the days of easy money for banks are back, or that rational pricing has returned to money markets (though these markets are a bit less dysfunctional than they were).
The recession is taking its toll: excessively indebted households and companies are experiencing growing difficulties in making payments on loans.
So Lloyds Banking Group will make a humiliating loss this year.
But Lloyds also confirmed today that it has more than enough capital to absorb that loss.
It can withstand more-or-less any shock, other than the kind of economic Armageddon which would give us rather bigger things to worry about than the health of Lloyds.
And at Barclays? Well, that bank is actually growing profits again - thanks to a boom in investment banking and the business of raising finance for big companies - which more than compensates for increasing losses on loans that are going bad.
In a global banking industry what's probably more important is that the US authorities are today - in a very public way - taking steps to ensure that all of America's 19 biggest bank holding companies have enough capital to cope with the economic contraction.
A small number, including Bank of America and Citigroup, will be instructed to raise tens of billions of additional capital.
Others will be pronounced in pretty good shape.
And what matters most is that (at long last) we're probably through the initial phase of the global economic shock - which was all about the seizing up of financial markets, the contraction of the banking system and the collapse of individual banks.
What we have to contend with now is the consequence of that almost unprecedented systemic financial meltdown: recession.