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
Is it possible that the taxpayer—because it is ultimately the taxpayer who funds the bank—could lose all £34 million?
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
I get that—listen, I completely get that. There are risks and there are rewards, and I am not obsessing about this one. I think that, if the M Squared loss was the whole £34 million, the two losses together would represent around 5 per cent of the money that has been invested so far by the bank. You can correct me if I am wrong.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
So, you would accept that.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
I am sorry to keep focusing on losses, but I will ask about the other side in a minute. Probably the most high-profile loss was Circularity Scotland. When Willie Watt was at the committee, I asked him whether the bank had underestimated the politicisation of the deposit return scheme, and he said that it probably had. I am paraphrasing.
Were there lessons for the bank and even for the Government in such a scheme? It was highly political.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
Members of the committee were chatting earlier, and we were a bit unclear about whether Krucial had appointed administrators. You are saying that it has done that.
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
That is interesting. Would you say that it is taking what we might describe as less risky investments now?
Public Audit Committee
Meeting date: 10 September 2025
Graham Simpson
That is great. Those are very good examples. I am particularly excited about ZeroAvia.
I have a final question. You mentioned housing. In a previous session, when we looked at other models and other development banks around the world, there was a brief discussion about the KfW Development Bank in Germany, which has been around for 80 years and does a lot of work on public housing. That is one model. We also looked at the Connecticut Green Bank, which helps to fund net zero projects in that state. Have you considered and learned from other models around the world?
Public Audit Committee
Meeting date: 3 September 2025
Graham Simpson
Auditor General, will you explain in layman’s terms why the situation matters?
Public Audit Committee
Meeting date: 3 September 2025
Graham Simpson
Clearly, there is a physical thing—a building—which will be worth something.
Public Audit Committee
Meeting date: 3 September 2025
Graham Simpson
It will not be £1.