Dawn Gunter, chief operating officer at Monmouthshire Building Society, said: “The pandemic brought uncertainty, and like many businesses the Monmouthshire was unsure what it would mean for colleagues, members and the organisation.

“The furlough scheme gave us the flexibility and agility we needed to ensure we could still operate effectively with a scaled back business model.

“However, I am delighted we are now in a position where we can repay the support given to us, back into the economy, where more businesses can continue to be supported during such a challenging and unpreceded time.”

Debbie Lewis, chair of the board, added: “As a modern mutual, we operate for the benefit of our members and the communities we serve.

“For us that means supporting members on their terms, both in branch and via digital platforms.

“Having come out of the pandemic in a much a stronger place than we were last year, we believe it’s the right and fair thing to do to repay the financial support given through the furlough scheme.”

So far, 125,000 businesses have repaid some or all of their furlough support, given to employers under the Coronavirus Job Retention Scheme, which protected more than than 11 million jobs since it was launched by Chancellor Rishi Sunak in March 2020.