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From that £9 million, you expect £8 million to be lost?

When making investments in future, will you have a closer eye on the United Kingdom Internal Market Act 2020 and the potential that it could—

I am looking at the issue of charges to customers. Last year, there could have been an 11 per cent increase, but the increase was only 5 per cent—well, I say “only”. You spoke earlier about increases being lower in other parts of the country and I think that you talked about lost time and suggested that there might be a bigger increase later.

If last year’s increase was smaller than you were hoping, does that store up problems that might have to be addressed? Might bills have to increase sooner than they would have otherwise?

Do you think that the whole episode will put off investors from looking at certain areas of the circular economy?

The board is meant to provide

“advice on the Bank’s objects, conduct and performance”.

I am slightly concerned about who is carrying out that role, if the board is not in place. Will those people also fit into your risk management framework? I imagine that they would.

The convener mentioned the use of public money. Last year’s accounts showed a loss of almost £20 million, but you are still paying bonuses. Last year, the acting chief executive officer received a bonus of about £77,000. How can the use of public funds to pay bonuses be justified when there are such big losses?

Yes, I have.

Just for clarity, you might have a figure in mind, but does that need agreement from Scottish Government? How does that work?

We have heard that, during the coming months, you will be balancing the increase of costs to consumers and your capital plan, and I guess that increases in staff pay will also be taken into consideration. All of those issues will come into the mix before you decide on the increase and your capital spend going forward.

Will you update the committee on the £9 million investment that the bank made in Circularity Scotland? Do we expect any of that money to come back?