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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 5 May 2021
  6. Current session: 12 May 2021 to 12 July 2025
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Displaying 2221 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

That is very helpful. You have indicated that you genuinely want the bank to operate as a perpetual investment fund, but it is clear that the funding rules are getting in the way and are stifling some of that.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

Is it correct that that would not reduce the level of governance and oversight that the Government and our committee would have in relation to the bank?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

There has been a bit of movement with the £25 million of year-end flexibility, which is positive. Have any other elements of additional flexibility been provided to the bank?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

If there are no further changes to flexibility, how do you see that affecting the bank over, say, the course of the next five or 10 years?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

Yes, absolutely. I grew up in Port Glasgow, where, apart from some juice bottles, recycling was not really much of a thing, as you know.

The bank operates with single-year funding allocations from the Scottish Government, and there will obviously be some challenges with that. You touched on that area in your earlier comments. I am keen to get a bit more understanding of how you manage to deal with that and align funding with commercial activity, including in relation to your preparedness and ability to manage investment losses.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

Is that flexibility already in operation?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

Okay. You gave one example, but are there any other examples—I am not looking for the names of companies—where the lack of flexibility has had an impact on what you do?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

Mr Denholm, do you want to come in?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

That is helpful. Thank you.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Stuart McMillan

Is that the same across the UK for other development banks?