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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 21 April 2025
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Displaying 942 contributions

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Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Do you have a particular target for the volume that you are looking to manage? When do you anticipate that would start? Much will depend on your own balance sheet, so to speak, but when do you anticipate that starting, if permissions are given? What sort of volume are we talking about?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

So, when you made the decision to invest the money, you were fully aware of the fact that that hurdle needed to be jumped, so to speak.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

The bank has expressed a desire to manage third-party capital. I think that you said in your opening statement that you had applied to the FCA for the relevant permission. What is the anticipated timeline for that process?

10:45  

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Assuming that the FCA grants permission, are any further permissions or regulatory approvals required, or does managing third-party capital represent the settled state of the medium-term operation of the bank?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

In March 2020 ministers announced that there was going to be a delay in the DRS scheme until July 2022. In December 2021 there was the announcement of a further delay until August 2023. There were numerous internal reports flagging up concerns about the scheme and there was widespread opposition from many potential customers. It does not say a lot about your due diligence process that, given all that, you thought in May 2022 that it was a good investment.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

You said there will be challenges in getting the loan back. The reality is that Circularity Scotland has no income. You will not get the money back, will you?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

How do you define “significant”? From looking at CSL’s income, we see that nobody is paying any money into the scheme.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Notwithstanding the fact that you need the permissions, what sort of timeline are we talking about? I think that you previously said that your aim was to start this by 2030.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

That is obviously crucial to the bank. You are on record as saying that the money that you have been given will be

“insufficient to crack the missions”

if you do not get the relevant permission.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Colin Smyth

Okay. I anticipate that your success with the first application might be better than your success with the second one, but good luck.

I would like to go back to an unrelated point. It is a question that I raised at your most recent appearance before the committee. It is about the £50 million investment in the forestry fund that is run by the asset manager Gresham House. At the time, I raised the fact that your website said that that fund would create rural jobs. When I asked how many jobs it had created, you were not able to answer. Do you have an update on how many jobs that particular investment has created?