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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 5 May 2021
  6. Current session: 12 May 2021 to 25 June 2025
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Displaying 1696 contributions

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Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

RBS provided the initial sum of £9 million.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

It was the Bank of Scotland—apologies. Actually, the press release that came out in May last year said:

“The Royal Bank of Scotland money will be used to fund the start-up costs.”

To be fair, the photograph is captioned “Bank of Scotland”, so I think there is a mistake in the press release, so apologies for the confusion.

It was the Bank of Scotland that invested £9 million along with the £9 million from—

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

It was committing that amount, which would be provided once the scheme was operational?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

The Bank of Scotland is not involved in the administration process.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Okay—thank you.

We will move on to other subjects. I again welcome Mr Denholm to the committee, which is his first appearance before us. In addition to what you said in your opening statement, I will give you the opportunity to set out what you see as the investment bank’s priorities for this financial year.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

I have a quick question relating to one of Michelle Thomson’s questions. Is it possible to get an update on the development of the rate of return metrics that I understand the bank was developing?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

We might follow that up with the Scottish Government, at the right opportunity.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

The committee carried out an inquiry into town centres, and we would welcome seeing the Scottish National Investment Bank having that kind of relationship with local authorities and helping them to invest in local communities, and in town centres in particular.

I thank both of our witnesses for giving evidence. It has been interesting for the committee, and I look forward to our future discussions together.

11:15 Meeting continued in private until 12:02.  

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Our next item of business is an evidence session with the Scottish National Investment Bank. I welcome from the bank Willie Watt, chair, and Al Denholm, chief executive officer. As always, I ask members and witnesses to keep their questions and answers as concise as possible. I invite both witnesses to make short opening statements.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Thank you very much. Members will want to ask about a range of issues, but you have raised Circularity Scotland and members would like to focus on that initially. The news of the administration came yesterday. Mr Watt, you have described your being in discussions with the administrators. Could you explain the impact of the announcement, what the timescale will be for any resolution to the situation and what the status of the £9 million loan will be going forward?