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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 4 May 2021
  6. Current session: 13 May 2021 to 17 September 2025
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Displaying 2241 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

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 [Draft]

“Scottish National Investment Bank”

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 [Draft]

“Scottish National Investment Bank”

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 [Draft]

“Scottish National Investment Bank”

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 [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

However, potentially the loss could be all £34 million.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

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 [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Mr Hogg seems to want to say something.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

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 [Draft]

“Scottish National Investment Bank”

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 [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Graham Simpson

Right—so that is another potential loss. However, it is only a potential loss.