WALES has lost more than two fifths of its bank branches in the last four years, new figures show.

Between January 2015 and August 2019, 239 branches closed, according to a report by the National Assembly’s Economy, Infrastructure and Skills Committee.

In Gwent, Barclays Bank on Chepstow Road in Maindee closed in February, and Lloyds Bank in Pontypool is earmarked for closure later this year.

The committee’s report found 87 per cent of personal banking customers said the closure of bank branches had an impact on them.

The number of free-to-use ATMs in Wales has also fallen, from 2,517 in March 2018 to 2,281 in March 2019, further restricting people’s banking options.

A recent study found almost 40 per cent of cash machines in Blaenau Gwent charge customers to use them - well above the UK average of 21 per cent.

The committee’s report found 51 per cent of over-75s in Wales are not regular internet users, with the closure of banks on the high street hitting them hardest.

The report made recommendations to the Welsh Government to minimise the effect of these bank closures.

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“The Welsh Government must continue to work with LINK and the regulators to strengthen the free-to-use ATM network, and ensure that machines are where they needed most,” it read.

“The Welsh Government and local councils should use planning rules to protect banks and make sure that councils’ local development plans maintain cash infrastructure when forward planning for communities.”

The report also stated any actions taken would have limited impact if connectivity issues weren’t addressed, with a quarter of those surveyed saying better WiFi and internet connectivity would help limit the impact of the closures.

It also expressed concerns over the Welsh Government’s proposed development of a community bank for Wales, Banc Cambria, saying there are less costly ways of providing community banking facilities and questioning how it would provide face-to-face services in rural areas with low footfall.

Russell George AM, chairman of the Economy, Infrastructure and Skills Committee said: “Time and time again we are hearing about an alarming escalation of bank closures and the loss of cash machines across Wales. This is not a new problem but in recent years the losses are hitting communities hard.

“As well as the obvious difficulties the loss of banks and cash machines is causing problems for vulnerable and elderly people who do not use online banking services and these losses are also hitting our high streets and small businesses.

“Our committee is agreed that we cannot sit back and ignore the problem and while many elements of this issue are a matter for the UK Government, there are significant levers at the Welsh Government’s disposal.

“Our report provides a number of recommendations for the Welsh Government which I hope they will take on board and take action to protect what is left of our valuable banking network.”