His intervention, along with fellow Knight George Mathewson, in the debate over the Lloyds takeover of HBOS has made it anything but.

And for that we should be grateful. Their letter calling for them to be installed as an alternative interim management and for shareholders to be given a choice over HBOS's future has changed the terms of the debate.

Up until now, there had been a suspicion that those who thought HBOS, or perhaps a hived off Bank of Scotland, could survive on its own were just nationalist-inclined romantics.

Sir George is nationalist inclined and chairs First Minister Alex Salmond's council of economic advisers, but no-one could accuse him a being a romantic.

He and Sir Peter have many decades of experience at the top of the British banking system between them. They have been there and done it.

Just for those who have forgotten

Sir Peter was chief executive of Bank of Scotland and took it into the merger with Halifax for form HBOS.

However, there are still problems ahead. First, they are making a case and - so far at least - they have not put together a coalition of backers who want to put their money where the Knights have put their mouths.

Even if there were some kind of consortium willing to do so, it would then have to convince the HBOS shareholders of its case.

Second, there may be two million or so small shareholders but most of the power still lies with the major institutions.

This morning Standard Life, whilst politely giving Sir George and Sir Peter the respect they are due, was not exactly enthusiastic about supporting their cause.

And there is another, unspoken aspect to this. Sir Peter and Sir George are now being referred to as banking "elders".

In an interview today Sir George was asked if the pair were in some way responsible for the allowing the banks to get into the current situation.

He replied: "These sorts of comments are probably from people who unfortunately, as far as I’m concerned, are a lot younger than I am."

And that response may help reinforce this view.

It is not fair, of course. There are others who would argue that had these wiser heads been in charge, the banks would not be in the mess they are now in. And neither would the economy generally

That, however, is something of a side issue.

What matters how is whether their intervention sparks a serious counter bid for HBOS.

Watch this space for a bid this week from what insiders claim is a major player. No-one is saying who that might be though Santander, owners of Abbey and the only one of the three players in the ABN Amro deal to have come out smiling (look at RBS and Fortis) is mentioned.

And, as he told today's Scotsman, Sir Peter has also said that he and Sir George stand ready to help.

But time is running out. Any counter bid will have to be put together at lightening speed. We'll know soon enough if there is one.

And then thinks will get even more interesting.

Banking boring? You must be joking.