Welsh Lib Dems urge for update on Banc Cambria plans

The Welsh Liberal Democrats have urged the Welsh Government to provide an update on the Banc Cambria plans.

The community banking offer, which was originally promised in Welsh Labours 2021 election manifesto, has been snagged by the withdrawal of support from the Monmouthshire Building Society (MBS), who had been developing the scheme on behalf of the Welsh Government.

The Welsh Lib Dems are now calling for an update from the Welsh Government on what will be done to safeguard the scheme and ensure that the Welsh public have access to a community bank.

The calls come ahead of the opening of a new community bank in Welshpool on Friday.

Commenting, Welsh Liberal Democrats leader Jane Dodds MS said:

“A local bank branch closing its doors has become a far too common occurrence in towns and villages across Wales.

The closing of these branches has cut off thousands of people from accessing an in-person banking service, something that can prove to be vital for those of us who are less tech-savvy.

Community banks, like the one I visited earlier this month in Welshpool, offer an alternative to a future where people are cut off from their banks.

The Welsh Government, to their credit, have recognised this and in 2021 promised in their election manifesto a community banking scheme for Wales.

However, since making this commitment, very little progress has been made and there are very real concerns about the future of this scheme.

It’s time for the Welsh Government to shine some light on the matter.”