Is effective governance a sufficient remedy?

Before we become too exercised about the peculiar governance arrangements of the Co-op Bank, should we not remind ourselves that three other UK banks (Northern Rock, RBS and Lloyds) have sustained losses of a considerably higher order?

Yet these had the conventional governance structures that Lord Myners and others are trying to impose on the Co-op.

Could it be that by nature of its complexity, contemporary banking is simply ungovernable?

And by extension, beyond effective regulation.