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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 16 March 2026
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Displaying 3016 contributions

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Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Okay. I will leave that point.

Historically, SNIB has mainly been funded through financial transactions, and those are running out. I am interested to get a grip on how the repayments work. From the Scottish Government’s point of view, it is only required to refund about 80 per cent of the financial transactions, if I recall correctly—I am talking from memory. My understanding is that, when a repayment that is related to financial transactions is made to SNIB, it must immediately make that payment to the Scottish Government. How are you managing that and how, if at all, does it impact on the £25 million?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

Just to tie up this question of the £25 million mechanism, I assume that you will be reviewing it from time to time to ensure that it is the solution that you think that it is.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Colin Beattie

We have been talking about the bank becoming a perpetual fund, which would obviously have lots of advantages all round. Clearly, you are in discussions with the Treasury over this, presumably on a regular basis.

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Colin Beattie

The report sets out that the college and the auditor agreed that the investment in CSL should be accounted for using the equity method, in accordance with financial reporting standard 102. Could you explain in a bit more detail what that means?

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Colin Beattie

I understand that. What would the implications for the college have been if its profit, surplus or assets had been inflated? Would there have been any positive or negative implications?

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Colin Beattie

Assuming that there are no issues with governance and so on in the college, I presume that we can assume that the board has taken a judgment on the matter. I guess that the question that I am trying to ask is this: were there any governance issues with the board that might point to a skewed approach?

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Colin Beattie

I want to clarify something, Auditor General. The single issue in question aside, are the college’s accounts completely clean?

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Colin Beattie

Who in the college would be responsible for ensuring compliance with FRS 102?

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Colin Beattie

I have one last question. Are you aware of whether the college took any external advice in reaching its position? Did it refer, for example, to the SFC or any outside body?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

Although there is not a lot of capital needed to set up an asset management company, it will not be cost free. Do you anticipate the costs coming out of profits?