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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 1 December 2025
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Displaying 2405 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Mr Hogg seems to want to say something.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

I do not know whether that is an acceptable level of loss or not. It seems quite small, and you could get a return on the bank’s investments in other companies. That is the nature of it—I get that—but it is important that I ask about this particular investment, because it is quite recent.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Is the loss of 4 to 5 per cent of the money that has been invested an acceptable level of loss? Do you have a figure in mind for what you can live with?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Right—so that is another potential loss. However, it is only a potential loss.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Given that we have had one definite loss and two potential losses, what lessons are you learning about the kind of investments that you make in future—or, rather, that the bank makes in future?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

I think that the bank has learned its lesson and got its fingers burned, so I hope that that will not happen again.

I have been a bit negative, so let us talk about the positives. Are there any success stories that you would like to highlight?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Thank you.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Is it possible that the taxpayer—because it is ultimately the taxpayer who funds the bank—could lose all £34 million?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

I get that—listen, I completely get that. There are risks and there are rewards, and I am not obsessing about this one. I think that, if the M Squared loss was the whole £34 million, the two losses together would represent around 5 per cent of the money that has been invested so far by the bank. You can correct me if I am wrong.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

So, you would accept that.