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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 9 November 2025
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Displaying 1737 contributions

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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?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Are you comfortable that that is the case in all investments?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Why do you think that the bank wants to do this? Is it not venturing far away from its original construct as an entity?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Absolutely. Just to clarify, are you saying that, at that stage, the bank—or that arm of the bank—would be able not just to co-invest but to borrow capital for investment?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

But could it go down that road, if it so chose?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

It is 11 o’clock, convener.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

In your role as the principal accountable officer, do you personally have any statutory duty or responsibilities to manage risk to the public finance of the bank? For example, what was your reaction to the news that the bank had announced £77 million of unrealised losses? We know that that figure will subsequently change, but some of it might be realised, unfortunately. How did you react to that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

All of that is very diplomatic. What was your gut reaction to that figure, though? Give me some adjectives. How did you feel when you saw the numbers?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

To be fair to the bank, if we look at its targets versus its actual investments, they are pretty bang on. The target for net zero is 50 per cent, and 50 per cent of its investments relate to net zero. The target for place is 25 per cent, and the investments in that are sitting at around 26 per cent. On innovation, the figure is around 23 per cent, so it is not far off.

Is it restrictive for the bank to have those predetermined percentages of investments in different types of portfolios by default? For example, does that inhibit its ability to invest more in housing, which I presume would sit in the place section, or to invest more in technology and innovation, which would sit in the other quartile?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

You said that SNIB operates as a private bank, but it uses public money, so there are complications.