UK regulation cuts £18bn off HSBC's value, says Gulliver The value erosion implied is equivalent to approximately 17pc of HSBC's current £103bn market capitalisation, or equal to 96p a share. Mr Gulliver disclosed he has asked the Treasury to reconsider the way the levy is collected, suggesting instead a windfall tax which would conform with global tax treaties and stop it from damaging HSBC's dividend. The current way the levy is collected means that it is not tax deductible. He is also in discussions with the Bank of England and the Financial Services Authority about the "plaque" issue to recognise the fact that most of HSBC's assets lie outside the UK. The former investment banker also criticised suggestions that so-called "casino" banking was to blame for the financial crisis. "The thing that has been lost is actually that the so-called 'casinos" subsidised the retail banks, not the other way round, and actually none of the banks that failed in the UK failed because of their 'casino" - which is an inconvenient truth," he said. In the outspoken interview, he also took aim at the industry's detractors and admitted both the bank and the industry needs to do more to make the public and politicians aware of the role they play. Mr Gulliver also confirmed The Sunday Telegraph's story a fortnight ago which outlined that HSBC is finding it difficult in joining the Chancellor's $20bn credit easing scheme to inject money into small and medium-sized companies. "It makes the price at which we lend to our customers higher than what we would do anyway," he explained, due to the fact its balance sheet is funded by an excess of deposits. So we're absolutely keen to help in whatever way we can but that particular one is tricky for us. He added that HSBC remains in talks with the Treasury over the proposed loan guarantee scheme.