Dear taxpayer. Congratulations. You are now the proud owner of £50 billion of mortgages and personal loans, an unprepossessing office block in Bingley and a swish new headquarters on the outskirts of Bradford.
You are already big in the mortgage business thanks to the acquisition of Northern Rock. But in this case you will not be holding on to the branches, which are being sold to Abbey National’s owner, Santander, for about £400 million.
When do I get to participate in the jollies? The corporate hospitality, Murrayfield, Wimbledon, Henley, etc? That's what bankers do, isn't it?