WHEN the Royal Bank of Scotland first intimated to the city council that it wanted to build its world headquarters on greenbelt land at Gogarburn, it didn't take very long for a planning policy apparently etched in stone to be overturned.

This was in the interests of maintaining the city's reputation as a financial services hotspot.

As a result, Edinburgh seems to be sponsored by RBS when you drive into town from Newbridge, thanks to the Royal Highland Showground hoardings covered in the bank's logo and Fred Goodwin's bit of hanging bling from the bridge which leads to his £350 million HQ.

But although there's been no definitive research carried out into the benefits of having the RBS headquarters remain here, the controversial decision to allow the build to go ahead meant that thousands of jobs remained in the city and Edinburgh's place as the fourth-largest financial centre in Europe was secured.

So it is only to be assumed that a similar change of heart by the city planners will occur when Halifax Bank of Scotland (HBoS) sends its plans for Fountainbridge into the City Chambers.

It was announced this week that HBoS wants to build its own shiny new headquarters on the site of the old Fountain Brewery at Fountainbridge and has already struck a deal for more than £100m with Scottish and Newcastle.

Problem is that the 12 acres has already been designated, by the council, for developments of mixed use, including homes, shops, offices – and potentially a new Boroughmuir High School if the money ever comes through from Holyrood. Building a great big banking HQ was never factored into the process.

Despite that, the council should give HBoS the go-ahead to build on the site. For one thing it will mean that an area which traditionally housed a major city employer will continue to do so and there's something comforting about that continuity. It will also considerably increase the size and stature of Edinburgh's financial district. The mass commute to the west of the city every day by thousands of employees heading for Edinburgh Park won't be enlarged, putting more strain on the roads and public transport. And 6000 staff in Fountainbridge can only be good news for other, smaller, businesses in the immediate area and city centre.

The real losers in this scenario, though – apart from the two developers who had hoped to secure the land from S&N – are the current and future pupils and staff of Boroughmuir. For them this news is like being told their overdraft has been cancelled and that they have to pay £30 for the privilege of the bank telling them.

In Fountainbridge, it had seemed a site for a new school was settled, even if getting the money required from the Scottish Government is still to be resolved. Now that's up in the air again.

So perhaps through a desire to expedite the planning process (the bank wants to have the place up and running in five years) or even just through goodwill, HBoS could offer to build the school.

There could be little objection to its plan for Fountainbridge if it was thought the community would benefit from more than a few more salad rolls being bought in nearby sandwich shops. Were another major developer granted permission to build, they would have to conform to rules regarding affordable housing quotas, so why should the bank be given carte blanche? This could be a win-win situation for both. The pupils get a new school and the bank gets a new HQ – and potentially an infinite supply of grateful new customers and employees. Welcome to Boroughmuir HBoS High School.

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