Skip to main content
Loading…

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.  

Criathragan Hide all filters

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 15 September 2025
Select which types of business to include


Select level of detail in results

Displaying 1656 contributions

|

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Thank you for clarifying. I understand that the bank has not, to date, exercised its right to exit an investment in a profitable manner. Indeed, most exits have been forced on the bank due to losses or the administration of its investments. Are you comfortable that the bank has robust exit strategies?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Will it increase the risk to the public purse? If, for example, a publicly owned vehicle that takes money from external sources made an investment that went bust and led to considerable losses, what exposure would the public purse have to that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

In the real world, if I had a business unit that was losing millions of pounds, I would not be getting a bonus.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Okay, but you have no concerns.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Good morning. I have a few areas to cover, so I will get cracking. Mr Irwin, can you describe, for the committee’s benefit, where you fit into the equation, in terms of lines of accountability or the oversight of SNIB?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Thank you for that. Is it a fair assumption that decisions made by the bank, including day-to-day investment decisions, are operational matters for it to deal with, and that your role in representing Government is to manage the risk to the public purse rather than the day-to-day risk to the bank?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

You have.

The bank must conform to Government-set missions or thematic areas where the Government expects it to invest. At the moment, those are: 50 per cent in the net zero space; 25 per cent in the vague concept of place or people, or something like that; and 25 per cent in innovation. Is that the right balance or mix? Those are Government-set missions, not bank-described ones.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Have you had any feedback from the bank about whether it would prefer to rearrange that balance?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

So you are quite happy with it.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

I want to ask about subsidy control. There are always concerns about market distortion when a Government intervenes in a sector, and this will probably not be the last time.

I understand that the three main tests for the Government to intervene in a market are that it should be able to demonstrate that it is an area of market failure; that the investee has been unable to secure private finance and; that the terms and conditions of its intervention do not undercut the normal private market. It is difficult to describe that process, but the words that the Auditor General uses are that the terms and conditions of the bank’s investment

“do not undercut private market operators.”

We can interpret that as you like. What oversight does the Scottish Government perform to ensure that SNIB’s investments are all subject to subsidy control assessments?