A wicked question for the candidates for governor of Bank of England

Sir, as you write, finding a governor of all the talents required to run the Bank of England, is indeed an extraordinarily important and formidable task, September 14. 

But that is under normal circumstances. Currently though, given the difficulties with the banks, even more important and urgent than that, is to find a better regulatory paradigm. And for this purpose, I would begin by asking each candidate for governor, the following simple question: 

When do banks most need capital, when the risky turn out risky, or when the “not-risky” turn out risky?

And then follow it up with a “So?”