Mark Carney and the BOE rate setting board have been very careful not to lower interest rates in order to protect the banks from bankruptcy. The banks are too big to fail and will be bailed out by the tax payer time and time again. It's possible that it will test the lows of 20p again in the coming years. Expect some idea of the true cost of PPI coming in the next few months. If better than expected we should see a bounce. Would you buy now? I think the risks are far higher than any 'profit', the proof is in the pudding as they say. After watching the Japanese banks suffer similar problems in the late 80's I have no doubt that they will rebound one day. But it could be 15-20 years to see them become the monoliths they always wanted to be.