News that 20 banks across Wales are to be closed in 2018 has sparked criticism from farmers, who describe the closures as devastating news for rural businesses.
Many of the banks' closures, which will affect rural Wales, will mean farming businesses having to turn to online banking, but broadband connectivity is often poor, even non-existent.
The NatWest bank branches facing closure are Porthcawl, Whitchurch in Cardiff, Llandaff in Cardiff, Pembroke, Treforest Estate, Ammanford, University Hospital of Wales in Cardiff, Cardigan, Cowbridge in the Vale of Glamorgan, Dolgellau, Chepstow, Lampeter, Maesteg, Pencoed, Llandeilo, Rumney in Cardiff, Milford Haven, Talbot Green, Mumbles in Swansea and Narberth.
Farmers' Union of Wales (FUW) President Glyn Roberts said the closure of those 20 banks will have a "detrimental effect" on the towns, as they serve not only villages but many of the neighbourhoods in surrounding areas, as well as providing employment to local people.
“These banks are 70% owned by the UK taxpayer, so we have to ask why are there no conditions to the bailout that guarantees access to such services. It is clear that Governments must do more for rural Wales,” Mr Roberts explained.
Lack of broadband
In addition, the FUW has raised concerns that internet banking is still not an option in all rural areas across Wales as many people will not have an appropriate internet connection, and others may be worried about banking online for cyber security reasons.
Seven out of ten slowest areas in the UK for broadband is in Wales, according to a new report which urges the Welsh Government to act.
Mr Roberts continued: “We have run cyber security workshops in co-operation with Barclays bank over the past few months, which should help our members become more savvy internet bankers, however the problem of internet access remains a huge problem for these rural areas.
“With more and more rural services and businesses being closed down, we must also acknowledge that it is becoming less and less attractive for young families and indeed business owners to remain in rural areas.
“If the problem of rural depopulation is not addressed with some urgency it could have severe consequences for our rural communities and with that also our rural economy.”
Decline of rural
The lack of broadband in rural areas is the main reason the UK is seeing a decline in rural society.
The National Housing Federation warned that young people brought up in the countryside leave to go to cities and towns where facilities, such as internet access, are better, with the majority of them not returning.
“It is clear that if we want to ensure that Wales develops its full potential in being a rural economic powerhouse, we must make it attractive for working families to stay and also encourage vital services like business banking to remain available,” added Mr Roberts.
