Meanwhile, Lloyd's TSB Group , a British High Street bank, yields more than 8% and also costs ten times its earnings.
Mr Painter said the developers had an offer of funding from a high street bank in 2007 which was withdrawn because of the recession.
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Technically it's not a high street bank, but a link between people who want to invest their savings and people who need a loan.
When the organisation fell into financial difficulties, a High Street bank, a social enterprise investor and another charity all considered providing aid but the organisation's Work Programme contract discouraged any of them from investing.
Consumer groups, and BBC Radio 4's Money Box programme have revealed how some High Street bank customers were being denied this right, and the Financial Ombudsman Service said it had seen a steady stream of complaints about CPAs.
Britain's Inland Revenue last year won a landmark case obliging Barclays, a British high-street bank, to hand over the bank details of hundreds of thousands of offshore accounts held by British residents.
Noisy groups of often abusive pickets appeared at many of the bank's High Street branches.
Meanwhile, parents are "just crossing their fingers and hoping somebody will budge, " said Evie Gurney, the director of high-school placement at Bank Street School for Children.
The group confirmed it also plans to extend its legal services across all 330 high street branches of the Co-operative Bank and Britannia Building Society.
Unlike Morgan, Goldman is not rushing into high-street banking, though it plans to set up an internet bank to help gather deposits.
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Mr Turner-Mitchell said it was maddening that money continued to sit in council bank accounts when there was a crisis on the High Street.
The bank, along with most of the other major UK High Street lenders, has also been found culpable in recent years of mis-selling unnecessary payment protection insurance to mortgage borrowers, and overly complex, over-priced interest rate and currency hedges to small businesses.
The bank said in a statement that the decision to close the High Street advice operation "reflects the emerging trend that customers are increasingly purchasing and managing their investments online".
Getting developed countries to be shareholders will help the proposed bank get a high credit rating and reduce its fundraising costs, the officials told The Wall Street Journal in recent interviews.
They might say that as taxpayers they have unwittingly supported Wall Street, but this is not because of high compensation, but because of Washington's interference with the bank bailouts.
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