A few months ago retired finance director Michael Goddard wrote a Briefing for us on the problems regarding share buybacks.

Though a popular way of trying to increase shareholder value, Michael wrote that often the motivation for buy-backs results in capital-reduction schemes that can destroy value.

He's just reminded us that the banks were big buy-back junkies not so long ago and yet now they're busily digesting the proceeds of their rights issues.

HBOS, for example, was a buyer of its own shares in 2006 when they were as high as £11 a share. The rights issue price was 275p.

Barclays bought its own stock last year at between £4.30 and £7.00, before offering shareholders the chance to buy it back again via a rights issue priced at 282p.

And RBS bought RBS shares at up to £6.60 (adjusted for a bonus issue). Its rights price was just £2.

"Selling £10 notes for £5," he calls it.

Should we need to remind the banks to "Buy low, sell high"?