Mervyn King's speech at the Annual Mansion House dinner concentrated on what BoE had done since the global economic collapse. He said we need instruments which prevent the size, leverage, fragility and risk of the financial system becoming too great. He said the country faces "uncomfortable" choices about the structure and regulation of the banking sector, and suggested banks should not get to a size where they are too big to fail. He said compensation arrangements needed attention, maybe to pay out only in respect of "narrow banks". He then moved to the options for ensuring orderly wind-down of failing banks and then on to BoE's powers. He implied BoE needs more regulatory powers at all stages of a bank's life than it currently has.