“To the extent that the [Federal Deposit Insurance Corporation] picks up its activity again [that is, in facilitating purchases of troubled US banks by foreign banks], and I think it likely will, we’re very vigilant around opportunities for complimentary acquisitions…With assistance of the FDIC, we can help convert the best assets into something that’s productive.”

With these words, Canadian banker William Downe, CEO of the Bank of Montreal, signaled a couple of weeks ago that his institution is out to take over US banks weakened by the Great Recession.