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Chamber and committees

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 30 January 2026
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Displaying 2922 contributions

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Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Perhaps you could comment on my next point, too, Andy.

The logic that Gregor Irwin is using indicates that, in high-risk circumstances, the bank perhaps would not seek a commercial rate of return or it might seek a return that would scare off some of the other investors.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

That leads me to another point. The bank is not a fully commercial operation—it is offering a mission. It is also giving advice to private investors. How is the conflict between those two aspects dealt with?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Is it only multiyear flexibility that was not agreed? Is that the only issue?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

I mean from the point of view of SNIB. To repeat, SNIB said that it welcomed the flexibility of the £25 million, but noted that it did not go as far as is needed. It used the word “needed”, not “wanted”. What is the piece that is missing?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

That is understandable. That would be normal commercial activity.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Okay. That is clear.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Do you have any timescale for completing these discussions?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

If the bank is to successfully move to becoming a perpetual fund, do you anticipate that any structural changes in the bank would be required, or would it simply be a technical change?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

If the bank becomes a perpetual fund, there will be different profiles of public finance risks, so there will need to be discussions—at least between the Government and SNIB—about how those risks are managed.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

If the UK Government does not agree to any measures that would make the bank a perpetual fund, what is plan B? How will you give the bank the flexibility that it needs?