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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 2 February 2026
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Displaying 1955 contributions

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Public Audit Committee

“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

“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

“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

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

So you are quite happy with it.

Public Audit Committee

“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

“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

“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

“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

“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

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

I will finish with two very brief questions, the first of which brings me back to the wider discussion that we had in the previous evidence session on this issue and which you might have followed. I was interested in the bank’s support for small businesses, not necessarily start-ups. I appreciate that it is not part of its remit, but anecdotal feedback is that smaller investment sums from the bank have been very difficult to come by.

Of course, those things are often the duties of other organisations that provide Government investment, such as Business Gateway and the enterprise agencies. However, what happens when they say no, when the private market says no and when the big banks say no? Is there a perception that people can come to SNIB and get lower-level funding—say, less than £500,000? It seems very much geared at the higher end of the market, and the investment portfolio seems to support that. Do you think that we are missing an opportunity here to support small businesses in Scotland through what is a publicly owned bank?