The fact is that fear has massed its ranks. Every time one lender fails, terror spreads deeper among traders and investors. As their concerns grow, they deposit their fear at the institution they believe is weakest and most likely to collapse. There is nothing rational about the behaviour. On fundamentals, RBS is not in immediate danger. However, as seen with Northern Rock, B&B, Bear Stearns and Lehman Brothers, loss of confidence can kill it.