Since 2021, how much money has the Welsh Government spent on its plans to set up a community bank?
Answered by Minister for Economy | Answered on 21/07/2023
Total funding for external costs over the duration of the project, to date amounts to £205k. Of this, £165k was spent with Cambria Cydfuddiannol Ltd (CCL ltd) CCL during phase 1 of the project, followed by a further £40k in 23/24.
No funds have been provided through the life of the project to Monmouthshire Building Society (MBS) who, as the implementing organisation and potential operator, absorbed staff and project costs. Despite the announcement that MBS have stopped their activity on Community Bank, the work undertaken to date by CCL is not nugatory and may be of direct value to any future delivery proposals.