One benefit of the devolved administrations is that the legislature is close enough to the people to do things which local authorities in England can’t. This is a classic example. Whilst I’m not seeking to open up the regional government debate again I do think a South West or an East Midlands regional response to a policy issue like this affecting rural communities would provide enough heft to address a national malaise.

Assembly research shows more than 200 banks have shut in Wales since 2008, leaving towns such as Newcastle Emlyn and Hay-on-Wye without any.

Banc Cambria would work like a regular bank, with branches across the country, but would be owned by its members.

First Minister Mark Drakeford pledged to set up a community bank in his Welsh Labour leadership campaign.

The Public Bank for Wales Action Group, working with the Community Savings Bank Association, wants to fill gaps left by the departing high street banks.

Banc Cambria board member Mark Hooper told BBC Sunday Politics Wales: “You will be able to have a current account, businesses will be able to have accounts, there’ll be mortgages provided so people will be able to buy homes.

“We’ll also be making sure there’s a superb online presence – people like using their apps. It will be in Welsh and English.”

Mr Hooper hopes for Welsh Government support and wants to be able to start talking about its first investor soon, as it continues to seek funding.

It would then be able to set out a timescale for applying for a banking licence and opening the first branches.

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