No, you fundamentally misunderstand the reasons behind their crisis - unlike many other banks, they are not funded by a vast deposit base, but instead through wholesale money markets and through securitisation of mortgages (packaging them up and selling them onto other funds).
Since nobody is prepared to lend to any other bank in either of those markets, and the outstanding loans it received in the money markets fall due every 90 days or so, it has been unable to fund itself - hence moving to the Bank of England.
The loan portfolio's quality is not is question - and since now the deposit base is secure, there are rumoured to be 4 or so bidders for the bank, including perhaps JC Flowers, the specialist finance investor.
So what does this mean for those who want loans for flying training?
You can try to get a loan in the current market, and will probably find that leading standards at most banks are higher - not only as they themselves have trouble finding the money to lend you, but they (the whole market) were previously too sanguine about the risks you posed to them as a borrower.
This should not hinder too much those who have assets behind them to secure the loans - other than paying higher interest rates to some degree - it does however mean that you may find it harder to fund a modular course, rather than an integrated course that has links to local banks.