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Seòmar agus comataidhean

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 12 March 2026
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Displaying 2770 contributions

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Public Audit Committee

“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

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

So, you would accept that.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

I am sorry to keep focusing on losses, but I will ask about the other side in a minute. Probably the most high-profile loss was Circularity Scotland. When Willie Watt was at the committee, I asked him whether the bank had underestimated the politicisation of the deposit return scheme, and he said that it probably had. I am paraphrasing.

Were there lessons for the bank and even for the Government in such a scheme? It was highly political.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Members of the committee were chatting earlier, and we were a bit unclear about whether Krucial had appointed administrators. You are saying that it has done that.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

That is interesting. Would you say that it is taking what we might describe as less risky investments now?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

That is great. Those are very good examples. I am particularly excited about ZeroAvia.

I have a final question. You mentioned housing. In a previous session, when we looked at other models and other development banks around the world, there was a brief discussion about the KfW Development Bank in Germany, which has been around for 80 years and does a lot of work on public housing. That is one model. We also looked at the Connecticut Green Bank, which helps to fund net zero projects in that state. Have you considered and learned from other models around the world?

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Graham Simpson

Auditor General, will you explain in layman’s terms why the situation matters?

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Graham Simpson

Clearly, there is a physical thing—a building—which will be worth something.

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Graham Simpson

It will not be £1.

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Graham Simpson

There are two different things going on here. There is the money that a building can generate and the actual value of the building, and they are two separate things.

You mentioned getting in a professional valuer to give a figure for the building. Is the solution not just to bring in a valuer, get them to value the building, then agree on a figure?