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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 4 July 2025
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Displaying 2212 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

So it would not be open to the public to—

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Yes.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

No, that is okay. That was really useful.

You will invest in a company, no matter what stage it is at. I think that I am right in saying that you have £10 million in the fast-growing property app firm, Utopi, and you own some shares in that. How do you anticipate getting a return on your investment in companies? There are probably different ways, but could you just tell us one of them?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

You are right—the company appears to be doing very well and has won some plaudits. At some point, though, you will have a look at what your shares are worth and, if they have gone up by a certain amount, you will cash them in.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I was going to ask about that. Most of your funding so far has been from financial transactions, and they have to be repaid to the Treasury. Does that cause issues?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

The responsibility is the Scottish Government’s rather than yours, so you do not have to worry about it.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I genuinely want you to help me out, because I do not know the answer. Your target rate of return is 3 to 4 per cent. I looked at that and thought that it did not sound particularly high. I could probably get better than 4 per cent just by going to a bank or some other financial institution.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Would it need to be UK legislation?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Okay. I am going to move on to the one disaster that you have had. You have been asked about this before; indeed, I have asked you about it before, Mr Watt. Circularity Scotland was a disaster—there is no other word for it. What lessons have you learned from that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

My question relates to third-party capital, which you discussed with Colin Beattie, and how to attract it. Do you see the bank becoming a fund manager that individuals and companies can invest in? There are a number of funds out there that invest in small companies in the UK. Do you see the bank being the kind of body that invests in small companies in Scotland that anyone could invest in?