Monday 23 October 2017

You have been watching the bankers' army battling sense

Capt Mainwaring of Dad's Army would never have approved of credit sloshing about

WHAT on Earth would Captain Mainwaring have made of it? One can almost hear the harumph, and see the withering glare, if the unfortunate Sergeant Wilson asked the bank manager-turned Dad's Army warrior for an extra year's salary, because he had done such a good job.

Yet that is the "cap" on bankers' bonuses proposed in last week's EU deal. It might even go to two years in certain cases; subject, harumph, to shareholders' approval.

As luck would have it, the deal (which still has hurdles to clear before becoming law) came just as Royal Bank of Scotland announced losses last year of £5bn, (€5.7bn) and the payment of £607m (€700m) in bonuses.

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