What is the economic value of FVA?

To end the funding valuation adjustment debate, this key question needs to be answered

The mere mention of the term funding valuation adjustment (FVA) can trigger long, heated arguments between quants, traders, auditors and academics, mostly focused on three broad issues: whether it should exist; how it should be accounted for; and how it should be priced. In most cases, wider debates on the topic branch into a number of more specific arguments over the finer points.

To stop FVA from getting any more divisive, it is important to line up all the tools and information available, to