The Official Report is a written record of public meetings of the Parliament and committees.
All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
All Official Reports of public meetings of committees.
Displaying 2811 contributions
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
Good morning, gents. If it is okay, I want to look at some of the losses that the bank has incurred so far. We had a very useful evidence session with the bank, and we accept that the nature of its work is that there will be losses—and there have been losses; from what I can see, there have been a couple. We know about Circularity Scotland, and we can come back to that, but there has been a more recent one—M Squared Lasers Ltd. What is your understanding of the potential loss there?
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
However, potentially the loss could be all £34 million.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
I am saying that, potentially, the loss could be all £34 million. I am not saying that it will be, but, potentially, it could be.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
Mr Hogg seems to want to say something.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
I do not know whether that is an acceptable level of loss or not. It seems quite small, and you could get a return on the bank’s investments in other companies. That is the nature of it—I get that—but it is important that I ask about this particular investment, because it is quite recent.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
Is the loss of 4 to 5 per cent of the money that has been invested an acceptable level of loss? Do you have a figure in mind for what you can live with?
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
Right—so that is another potential loss. However, it is only a potential loss.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
Given that we have had one definite loss and two potential losses, what lessons are you learning about the kind of investments that you make in future—or, rather, that the bank makes in future?
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
I think that the bank has learned its lesson and got its fingers burned, so I hope that that will not happen again.
I have been a bit negative, so let us talk about the positives. Are there any success stories that you would like to highlight?
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
Thank you.