The £5.5 billion bailout of Lloyds TSB came as Gordon Brown promised to crack down on bankers' bonuses. But the bank's chief executive, Eric Daniels, thinks otherwise, telling employees that they actually faced "very, very few restrictions".
"If you think about it, the first restriction was not to pay bonuses," said the banker, "Well Lloyds TSB is in fact going to pay bonuses. I think our staff have done a terrific job this year. There is no reason why we shouldn't." No reason at all.