THE future of banking in the Tywi Valley remains uncertain, despite Barclays committing to maintaining banking hub in Llandeilo for 12 months 

Recently, the closure of the Llandeilo Barclays branch was announced, which after June 23 will leave the town without a bank.

Barclays has since confirmed that following the closure of the bank, there will be a banking hub in the town for 12 months to allow for support for its customers.

There will be a review of this after the 12 months.

Carmarthen East & Dinefwr MP Jonathan Edwards met with Barclays and with financial company LINK to discuss the future of banking in the Tywi Valley.

He said he was pleased with the news about the banking hub, but also feels it is not the perfect solution.

LINK had already carried out an assessment and found that Llandeilo does not meet their criteria to set up their own banking hub there, but will consider a cluster bank for the Tywi Valley, which would serve Llandeilo and Llandovery.

Mr Edwards said: “I am pleased Barclays have committed to maintain a hub in Llandeilo for 12 months and a review following this period, but this is far from the perfect solution.

“It is disappointing LINK are unable to take action at this time, but I note the Financial Services Market Bill is proceeding through parliament and this will lead to changes in the sector.

“Following the passing of the bill, the Financial Conduct Authority will regulate the establishment of community banking hubs and there will be an opportunity to ask them to look at the criteria used to determine where hubs are located.

“Llandeilo seems to me to be the perfect location for a pilot of the Banc Cambria proposal and I hope the Welsh Government will seriously consider this request.

“I will continue to do all I can to ensure my constituents in the Tywi Valley have access to banking services in the future.”

Mr Edwards has also written to the Welsh Government regarding the progress of the Welsh Government’s proposed community bank, Banc Cambria, and made the case that the Tywi valley would be a perfect place to pilot the proposal.

Banc Cambria was due to be operational in 2023, but has been delayed due to the current financial climate.