Plaid calls for Welsh 'people's bank' amid closures

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The Ruthin branch of NatWestImage source, Google
Image caption,

The Ruthin branch of NatWest is among those earmarked to close during 2017

Calls have been made for a people's bank after a series of branch closure announcements across Wales.

Plaid Cymru said it wanted an "alternative vision" of banking that "does not abandon its customers".

The party said a further 36 branches were expected to close in 2017.

The Welsh Government said banking regulation was not devolved "but we expect banks to offer services to customers across Wales and to not disadvantage rural communities".

AM Adam Price, Plaid's party economy spokesman, said a people's bank would be a "network of locally owned" banks similar to that seen in other European countries.

"I think it's time for us to think of an alternative model... which actually uses the money which you and I put into our bank accounts," he said.

"That's there then to flow out into lending to other local citizens and businesses so we can drive the future of our economy."

Mr Price said there would be a role for the Welsh Government potentially through the planned Development Bank for Wales, "to act as a hub".

A Welsh Government spokeswoman said: "As part of our work to improve financial services for businesses we are establishing a new Development Bank of Wales with a dedicated intelligence unit to better target financial services and advice for micro, small and medium sized businesses in Wales."

Media caption,

Adam Price said that banking increasingly "has no stake, literally, in our communities"

In a debate on Wednesday, Plaid Cymru will call on Welsh ministers to examine the steps needed in regulations and new laws to set up alternative models of banking.

The past few months have seen a steady stream of branch closures announcements.

In January, HSBC announced nine branches were to close in Wales, while the previous month NatWest revealed it was shutting nine north Wales banks.

In November, Lloyds Bank said it was shutting 10 branches.