There we were thinking Lloyd's had made a error in judgment spending £70m on Kinnect, when all along Lord Levene and co. knew exactly what they were doing.

Despite nothing to show for years of investment in the former Blue Mountain project, Kinnect, it seems, was a success.

According to Levene, it was and will be the catalyst for new electronic initiatives such as G6's peer-to-peer project.

Well done my Lord. But rather an expensive kick up the posterior, if you ask Backchat.