The Margin can exclusively reveal news of a major development in the financial sector. In the biggest shake-up seen for years AIB, Bank of Ireland, ICC, Anglo-Irish Bank, Ulster Bank and TSB are joining forces. Well almost.

The six are jointly sponsoring Spraoi, the annual international rhythm and street performance festival held in Waterford over the August bank holiday weekend.

The joint funding package sees each institution as equal partners and will allow Spraoi to present a range of European street performers who would otherwise have been well beyond the budget. But the real question is how Spraoi managed to get all the banks to row in together. Director, TV Honan, surely has a future in mezzanine financing.