Cross-party support for creation of community bank


Image: Gwalia

In the run up to May's Senedd election, Labour, Plaid Cymru, and Wales Green Party have pledged to support the development of a Welsh community bank in their parties' manifestos.


Supporters argue that community banks have numerous advantages over their bigger counterparts, including investing in the local community, supporting community organisations, and offering a more personal service.


What do the parties' manifestos say?


Labour


"We will secure the creation of a Community Bank for Wales, supporting its growth so it has 30 branches across Wales over the next decade."


Plaid Cymru


"Expand the role of the Development Bank of Wales and support the creation of a Community Bank to help domestically owned businesses grow their market share.


"Invest in a new Community Bank to help small business and return local banking services to customers in the many communities in Wales which have lost their local banks."


Wales Green Party


"Developing new innovative funds and local banks such as Banc Cambria, and social lenders to support social and environmental start-ups and the transitioning of existing industries."


Banc Cambria


Banc Cambria is a new project that is currently being developed with the support of the Welsh Government.


Its goal is to provide a comprehensive banking service across the country, while being owned and controlled by its membership— rather than shareholders.


Banc Cambria claims that it will stop £1 billion of banking profits from leaving Welsh communities every year.


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