Another day, another big provision from a UK-based bank for past misdemeanours. This time the culprit is HSBC, with an additional $1.1bn set aside, $800m of which relates to a forthcoming settlement with US authorities over money laundering.

It is tempting to sweep this, along with the cost of mis-sold payment protection insurance, under the carpet. After all, the total for both issues is ￡2.2bn, or 12p a share, making only a small dent in the 619p share price. But what is troubling about the money laundering allegation is that $700m had been set aside for it in July. The cost has more than doubled in three months and there could be more to come. Uncertainty rarely goes down well.

HSBC’s saving grace is that its global spread offers diversification from the fine-hungry regulators and moribund economies of Europe and the US. Yesterday’s results for the first nine months offered some proof. The loan book grew 6 per cent, while underlying profits were up 21 per cent thanks to falling US impairment charges. Basel III core tier one capital is comfortable at more than 10 per cent, so HSBC can keep lending while rivals cut back.