Howard Brown talked to a fish, cavorted alongside cartoon purses and rode on the back of a white swan. Somehow it seems impossible to imagine Alistair Darling going through similar routines to promote Halifax in the same amiable way as the former star of the bank’s advertising.

But it is also difficult to get an accurate picture of the role that the Chancellor intends to adopt towards HBOS, owner of the Halifax, and Lloyds TSB and RBS, the other two newly part-nationalised institutions. The Government is now the colossus of the mortgage market, with a 45 per cent share, through its stakes in these banks and through Bradford & Bingley and Northern Rock.

Will Mr Darling use this muscle to take on the guise of Superman to stabilise the housing market and bring about a recovery sooner than expected? Or will he be the villain who deprives would-be buyers of funds and moves to repossess families who have fallen into arrears? Northern Rock’s reluctance to pass on the full benefit of last week’s base-rate cut to its borrowers is scarcely encouraging.

The confusion over Mr Darling’s intentions arises from his own statements. He said that he would like HBOS, Lloyds TSB and RBS to provide the same “credit availability”, as during last year. But – apparently – this does not imply a comeback for the irresponsible lending of the boom days, only the necessity for finance to be on offer.

This suggests that – for now – first-time buyers and others hoping to take advantage of property bargains should not get too excited. These will continue to be seized by cash-rich investors. However, some commentators believe that easier money could soon start to flow, thanks to pressure from the nonexecutive directors, who will represent the Government on these banks’ boards – and thanks to a tendency to short memories among their executive directors.

The estate agent Knight Frank argues that these managers will soon forget the sub-prime times and start once more to vie for mortgage business, although the bonus payouts for such efforts will be smaller than before. The result could be recovery by late next year, rather than 2010-2011 as previously forecast by most experts.

Figures yesterday from the Royal Institution of Chartered Surveyors gave more evidence of the housing slump in all parts of Britain. But Jeremy Leaf, its spokesman, likened the market to a “dormant beast” ready to be awakened by the scent of a competitively priced home loan titbit.

Jonathan Cornell, of the mortgage-broking division of Hamptons, is one of those who believes that the Government will use the part-nationalisation to reinvigorate the market. “We won’t wake up tomorrow morning to find rates slashed,” he said. “But banks will return with better deals because the Government wants to support the housing market.”

You have to laugh

Question What’s the capital of Iceland?
Answer About £4.50 at the moment