The Welsh Government has been urged to review the Development Bank of Wales.

The call from Senedd’s Economy, Trade and Rural Affairs Committee comes seven years after the bank was established and following an extensive inquiry by the committee into its performance and the extent to which it is fulfilling the Welsh Government’s aims.

The committee is also asking for a review of the functions of Business Wales and to examine the possibility of incorporating them into the remit of the Development Bank of Wales, and streamlining business support.

Paul Davies MS, chair of the Economy, Trade and Rural Affairs Committee, said: “The Development Bank of Wales is quite rightly independent of the Welsh Government, but it is funded with public money.

“It’s therefore only right that after seven years the bank’s performance, due diligence as a lender and its complaints procedures should be looked at and reviewed to reflect changes over the years.

“There are some concerns over how aligned the Bank’s priorities are with the Welsh Government’s economic strategy.

“We’re therefore also recommending there should be regular reviews of the Bank’s remit.”

The report provided by the committee made 13 recommendations in total.

These range from enhancing the bank's success in supporting employee buyouts, and understanding its support for community energy schemes to understanding the full impact of the bank's investments on the Welsh economy.

He added: “We’re calling on the Welsh Government to give full and careful consideration to the views and recommendations of all those who responded to our call for evidence.”