We posted a few weeks ago that most companies are eliminating or cutting back their holiday parties. (My office is no exception. Last year’s late-nighter with hard liquor has been replaced with a weekday shindig featuring beer, wine, and “heavy hors d’ oeuvres,” whatever that means.) RBS, however, is going to drop a cool £1 mil on their employees:

The Edinburgh-based banking giant, set to receive a £20 billion handout from the UK Government, is to allow all 100,000 of its staff across the UK £10 per head for this year’s celebrations.

Individual departments will then be able to bring together the money and use it towards their annual celebrations.

The party windfall, which bank sources say is “fairly modest”, comes just days after it was revealed that RBS spent more than £300,000 entertaining 40 senior employees and 30 partners from its Bancassurance department at its Gogarburn headquarters.

After they blew £300,000 on 70 people, it is hard to complain about £10 a head for the rest of their staff. However, the article does go on to say that Barclays and Morgan Stanley have cut their parties out completely, perhaps rendering RBS as fatcats-by-comparison to the author. Anyway, RBS employees, I hope £10 is enough to get you each some cheap hooch and a badass lampshade.