The Royal Bank of Scotland is offering loans, against the deferred bonuses, to hard up lower paid staff who will not be receiving their expected bonus of hundreds or thousands of pounds just now. This is not extended to the investment bankers who were expecting their seven figure bonuses. No doubt these will be at the bankers special repayment rate or even better than normal, that detail is missing.
However, will the bank look kindly on customers who have had their salary frozen, not receiving their increase of hundreds or thousands of pounds? Will they go easier on issuing loans or overdrafts to help them out?
The answer is probably not. How else are they going to pay to look after their own. The RBS staff will be getting their salary increase and easily secure a loan to cover their bonuses. Many others will find it hard to secure a loan, and even if they do not at the same rate and face uncertainty when or even if they will get their salary increased.
While the lower paid staff are not fat cats, they certainly are more content cats than many of the general population.