I have now taken on the role of Chair of Cambria Cydfuddiannol Ltd, a co-operative society working to launch Banc Cambria. We are aiming to have a banking licence from the Prudential Regulatory Authority (PRA) by autumn 2021, but the large number of new applications from European banks seeking a UK licence to avoid Brexit problems is causing delays to the application process, so we cannot be sure of the timetable at this point in time (Oct 2019).
We have the full support of the Welsh Government, including some financial assistance, and we’re working with the Royal Society for Arts & Science (RSA) and the Community Savings Bank Association (CSBA).
The idea for this bank, came from the Peoples Bank for Wales Action Group, and has been developed over the last three years.
The Case for a Peoples Bank for Wales is a summation of this learning, and is the basis from which we have started to build our co-operative bank.