The notice on the bank manager’s door reads “Back in five years”. BBVA’s scheme offering long-serving staff in its domestic operations a long voluntary siesta on 30 per cent gross pay, with their jobs guaranteed at the end, is more the stuff of ailing carmakers than banks. Manufacturing businesses have tried to cope with the downturn through flexi-time, reduced pay, sabbaticals and time banking.

The Spanish bank is also tempting staff with offers of a reduced working week, or two years to spend time with the kids or study. But why would an already efficient bank keep jobs open for years, not just months or weeks?