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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 November 2025
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Displaying 1751 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

In your role as the principal accountable officer, do you personally have any statutory duty or responsibilities to manage risk to the public finance of the bank? For example, what was your reaction to the news that the bank had announced £77 million of unrealised losses? We know that that figure will subsequently change, but some of it might be realised, unfortunately. How did you react to that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

All of that is very diplomatic. What was your gut reaction to that figure, though? Give me some adjectives. How did you feel when you saw the numbers?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

To be fair to the bank, if we look at its targets versus its actual investments, they are pretty bang on. The target for net zero is 50 per cent, and 50 per cent of its investments relate to net zero. The target for place is 25 per cent, and the investments in that are sitting at around 26 per cent. On innovation, the figure is around 23 per cent, so it is not far off.

Is it restrictive for the bank to have those predetermined percentages of investments in different types of portfolios by default? For example, does that inhibit its ability to invest more in housing, which I presume would sit in the place section, or to invest more in technology and innovation, which would sit in the other quartile?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

You said that SNIB operates as a private bank, but it uses public money, so there are complications.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

I am sorry—I am rattling through questions, because I have to leave at 11 am. I am perfectly comfortable with short responses, and not everyone needs to reply.

In the previous committee session, a new issue came up that has been reported in the media over the past few months. Scottish Investments Ltd, which is one of the entities under the bank, has secured phase 1 approval from the FCA to effectively become an investment vehicle to manage third-party capital in consolidating investments. I do not know whether that is something to be concerned about or excited about. Could you clarify?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

Do you think that this is a bit of a distraction, given the scale of the losses that are being reported and the increase in annual losses?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

That was not a criticism—it was just a question.

Last but not least, there has been a lot of discussion—rightfully so—in the media about the level of pay and bonuses in public bodies. I am sure that you have been following the debates that the Parliament and this committee have had on that very issue in recent weeks.

In 2023-24, £865,000 was paid in bonuses to SNIB staff. The outgoing chief executive’s package was £340,000 and the chief financial officer’s package was £240,000. Those amounts are way above normal public sector payments. We understand the reasons for that, but do you appreciate the public’s concern about the scale of bonuses that are being paid, while the bank is making losses?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

That is very helpful. Just out of interest, did you personally have any exit interviews with any of the outgoing chief executives of the bank? They have had quite a high rate of turnover. Does that cause you, as the sponsor element of the Government, any concern, given what is happening in other public bodies and the turnover rates of chief executives?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

I have certainly met the current outgoing chief executive, and I have had an informal conversation with him. I would not describe it as a formal exit interview. We will absolutely comply with best practice within the Scottish Government in that regard. If we need to, we will give further consideration to that.

Al Denholm was appointed soon after I joined, and it was the interim chief executive who was in position when I joined the Scottish Government, so I was not in this current position when the previous chief executive left.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Jamie Greene

I will finish with two very brief questions, the first of which brings me back to the wider discussion that we had in the previous evidence session on this issue and which you might have followed. I was interested in the bank’s support for small businesses, not necessarily start-ups. I appreciate that it is not part of its remit, but anecdotal feedback is that smaller investment sums from the bank have been very difficult to come by.

Of course, those things are often the duties of other organisations that provide Government investment, such as Business Gateway and the enterprise agencies. However, what happens when they say no, when the private market says no and when the big banks say no? Is there a perception that people can come to SNIB and get lower-level funding—say, less than £500,000? It seems very much geared at the higher end of the market, and the investment portfolio seems to support that. Do you think that we are missing an opportunity here to support small businesses in Scotland through what is a publicly owned bank?