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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 16 September 2025
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Displaying 2629 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

That is true up to a point. My experience in the industry is that it often does not work like that. People are encouraged to invest if the Government or other institutions are putting in money, but, at the end of the day, they have to look at the project and, if it is high risk, it remains as such, even if others are prepared to risk their capital—

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

—so expectations should not be too high in relation to the private income.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

There are two points on that. First, financial transactions do not affect at all the £25 million fixed flexibility. Secondly, repayments from lending that has been backed by financial transactions do not have to go back to the Scottish Government right away; they are part of the—

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

How often?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

At the moment, do you have something in your management of the risks in relation to that? You must have a view.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Perhaps you could comment on my next point, too, Andy.

The logic that Gregor Irwin is using indicates that, in high-risk circumstances, the bank perhaps would not seek a commercial rate of return or it might seek a return that would scare off some of the other investors.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

That leads me to another point. The bank is not a fully commercial operation—it is offering a mission. It is also giving advice to private investors. How is the conflict between those two aspects dealt with?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Is it only multiyear flexibility that was not agreed? Is that the only issue?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

I mean from the point of view of SNIB. To repeat, SNIB said that it welcomed the flexibility of the £25 million, but noted that it did not go as far as is needed. It used the word “needed”, not “wanted”. What is the piece that is missing?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

That is understandable. That would be normal commercial activity.