THE BANKING situation in Carmarthenshire has been brought up in the Senedd.

Llandeilo and Tumble are set to lose their last bank branches later this year. The closure of the latter means that the entire Gwendraeth Valley will be without a bank branch.

Llandeilo will lose its Barclays branch on June 23, with the company stating that only 12 people use the branch regularly as their only means of banking. 

Tumble will lose its Lloyds branch on August 3, with the company saying 152 people regularly use the branch and 71 per cent of those who use it also use other means of banking.

The announcements have faced backlash from residents, particularly on the impact it will have on the elderly and vulnerable in the communities.

The Carmarthen East & Dinefwr area has lost 13 of its 15 bank branches according to Which?

Cefin Campbell, MS for Mid and West Wales, brought up the closure in the Senedd on Tuesday, April 25, stating that the current banking model has failed local communities and questioning the Welsh Government’s community bank for Wales.

He said:   “It’s abundantly clear by now - as reflected in these most recent announcements in Carmarthenshire – that the traditional multinational banking model has failed our local towns and communities, leaving so many residents and businesses high and dry.   

There’s no denying that people’s banking habits are changing – however for the elderly, small businesses and community groups and organisations, the importance of face-to-face banking facilities cannot be overstated.   

The Welsh Government’s previously proposed Community Bank for Wales – or Banc Cambria – has the potential to fill this void left on our high streets by these heartless corporate banks. I am eager to continue to press to ensure that communities abandoned of banking facilities - such as Llandeilo and the Gwendraeth Valley - will be able to benefit firsthand from such service in the near future.”  

Lesley Griffiths MS, Trefnydd and minister for rural affairs, confirmed there would be an update on Banc Cambria before the Welsh Government breaks for the summer.

The community bank for Wales - known as Banc Cambria - is a commitment made in 2021 by the Welsh Government to work with the Monmouthshire Building Society to create the bank and address the gap in provision, effectiveness and quality of banking services in Wales. There would also be 30 new banking outlets over the next decade, focusing on the communities that have lost their provision. This was due to be started in 2023 but the financial climate has delayed it.