They can also act on behalf of local authorities, who have been awarded a relevant debt liability order by a magistrate.

However, it has been unable to find a partner to help it to fund the scheme and meet its debt liabilities.

The banks want to negotiate with other groups that may have the development capability and equity backing to regenerate the site and meet the outstanding debt liabilities.

Precious legislative time has been spent on bank regulatory issues, and red herrings such as remuneration, while the severe consequences of public debt liabilities are not even being debated.