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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 4 May 2021
  6. Current session: 13 May 2021 to 10 November 2025
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Displaying 1699 contributions

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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?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

I think that Jamie wants to ask a follow-up question.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

I have a couple of final questions on this subject. You mentioned the Bank of Scotland, did you mean RBS?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Finally, I think that Mr Denholm has recognised that the description that has been given of the support and encouragement from ministers is something that the bank will reflect on. Is the project unique to the bank’s investment portfolio, or is there a comparable investment in terms of the reliance on political statements and Parliament’s support for an investment?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Before I bring in Jamie Halcro Johnston, I have a question that follows on from Maggie Chapman’s questions.

Recent annual accounts notwithstanding, Circularity Scotland reported a small loss of around £4 million, which I understand was due to the re-evaluation of investments. Could you say a bit about how that was within tolerance and what that means for longer-term investments and the approach toward investments? What will the impact of the expected loss from that project be? At the moment it is sitting at £4 million in the annual accounts.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Do you feel that that is the best approach, or would you welcome an opportunity to do the same as the UK Infrastructure Bank does?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Would you say that there was an expectation from the Scottish Government? When the loan was announced, there was quite a nice picture and press release that went out that included the minister, yourselves, RBS and Circularity Scotland, and it looked very much like a joint venture.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Will that loss—whether it is £4 million or £9 million—have any impact on the overall investment programme of the bank or is that manageable?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Thank you. I bring in Jamie Halcro Johnston.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Claire Baker

Finally, in response to Colin Smyth, you talked about whether you could become a public body and where we are in terms of the permissions. I understand that the UK Infrastructure Bank has the ability to invest in public sector bodies. It can do partnerships with local authorities. Can you see the SNIB becoming involved in something like that? I understand that a significant change might be needed to the way in which you operate.