That problem still hasn’t been solved, King thinks. But he has a suggestion. Instead of lender, the Bank should be what he calls ‘pawnbroker’ of last resort. Banks’ risk-taking is objectionable only when they can evade the consequences. So the King plan says: ‘Car drivers have to take out third-party insurance before they can drive. Banks should do the same. They should have to take enough of their assets to the Bank of England that if things went wrong depositors could be paid off overnight. Then no bank run could ever develop.’