Vale of Clwyd Senedd member, Gareth Davies, recently met with link amidst his ongoing campaign to secure a banking hub for the town of Denbigh. Gareth outlined his belief in the need for a banking hub in Denbigh following a series of bank closures that have left Denbigh without a bank, and only a single building society.
He met with LINK to discuss the business case for establishing a banking hub in the town to ensure access to cash and banking services given the withdrawal of the remaining bank branches in the town. He argued that the town’s population is on average 5 years older than the average age of the Welsh population. Villages within a three-mile radius of Denbigh include Prion, Pant-Pastynog, Llanrhaedar, Trefnant and Henllan. The distance from Denbigh and nearby villages to the nearest Santander, NatWest, HSBC, Lloyds and Barclays branch is typically a 7-mile journey, taking up to 77 minutes via a bus, which is the only public transport option as there is no rail link from Denbigh to Ruthin or Rhyl. His plan also outlined the considerable number of small high street businesses in the town and a high demand for cash in the area.
LINK concluded that they are not recommending the provision of any new cash access services in Denbigh at this time as they believe the deficiency is not causing a significant impact on the local area. LINK outlined that they follow the Financial Conduct Authority’s criteria for banking hubs which looks at the retail centre, wider local area and suburbs, and sufficient demand from retailers who need to deposit cash daily.
If sufficient demand for greater cash access is demonstrated, there will be an opportunity to re-assess viability for a banking hub in Denbigh. Gareth has signalled his intention to work with the local community to ascertain the level of need for additional banking services that he believes is present in the town and surrounding villages to put another business case across for a banking hub. He has invited residents to get in touch with him if they have experienced difficulty accessing sufficient cash services.
Following the meeting, Gareth said:
“Although I am disappointed that plans for a banking hub in Denbigh have stalled, there remain many more avenues to explore to secure further banking services for Denbigh and the surrounding villages.
"I’d like to thank LINK for meeting with me and considering the case for a Denbigh banking hub, and I encourage all residents of Denbigh and the surrounding villages to contact me if have experienced difficulty accessing sufficient cash services”
“The town has been left without a single bank branch, and access to banking services are vital for residents and businesses, particularly with Denbigh’s older average population.
“I am committed to securing an arrangement in which accessible banking services are returned to the town, and I will continue to work toward this end.”
