It’s not long ago that Kurdistan was on the brink of accessing the international markets. Then came ISIS, strained relations with Iraq and the challenge of being shackled to a state from which the population wants independence. Is Kurdistan ready to approach world markets again?

Iraq’s former industry minister, Mohammed Alderajy, is brutally honest about the country’s culture of corruption and resistance to reform. The banking sector is far from immune. He says a new attitude is needed if Iraq is to improve its prospects for reconstruction.

Gulf bankers have been through a trauma — and there is more pain to come. News of the Iraqi invasion of Kuwait brought instant demand for cash, a rapid fall in local currencies and a haemorrhage of funds from the region. Some institutions will not survive; others must undergo rapid change. And as bankers set about repairing the damage there are warnings of further shocks to come.