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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 25 February 2026
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Displaying 2021 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

I hope that that is not the case.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

If you had £5 million and gave £0.5 million each to 10 investments, over time, some of them would invariably do well. Surely, that is the whole point about growing the Scottish economy. If you are willing to pay a little bit of attention, you could play a vital role. The financial risk at that level would be small.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

If I was being pessimistic, I would say that it sounds like you are looking for reasons to pay bonuses that are not based on financial performance. The bank has turned a financial corner only this financial year but I presume that you have been paying bonuses for a number of years at a high level.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

Forgive me if I am wrong, but I got the impression from one of your earlier answers that you want to be free from the shackles of public sector pay constraints to allow you to recruit more aggressively, pay better and give better terms and conditions or to act as a quasi-commercial bank.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

It would be helpful if you could write to us with that information.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

It would just save me having to submit a freedom of information request, to be honest.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

My final question concerns an issue that arose when we spoke to the Audit Scotland team, and it will lead into the final set of questions, which concern the balance of investments. That is an area that is of interest to me because of my discussions with a number of stakeholders who have engaged with the bank.

The Auditor General’s report states that 92 per cent of investees are small and medium-sized enterprises. On the face of it, that sounds quite positive, but that is not the same as 92 per cent of investments. Can you give me the figures on that latter point? How much money do you invest in small and medium-sized businesses in Scotland?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

I raise the issue because, when the Audit Scotland team presented evidence to us on the report, we heard that it had arisen in their feedback sessions with industry. One of the witnesses said:

“I will highlight some feedback from the financial services sector that said that the bank could sometimes take more risks to support scalable businesses, particularly in the tech sector, to improve Scotland’s productivity.”—[Official Report, Public Audit Committee, 28 May 2025; c 12.]

Is that something that you would consider doing?

Meeting of the Commission

Audit Scotland Annual Report and Accounts for the year to 31 March 2025 and Auditor’s Report on the Accounts

Meeting date: 23 June 2025

Jamie Greene

I can work only with what I have in front of me, and the summary does not go into much detail.

You are right that the approved budget in the “Other” line was £578,000, while the actual spend was £121,000. As you have said, that could be because you have, in year, been able to distribute some of that money elsewhere, but it is quite hard to follow that.

On the obverse, the approved depreciation budget was £430,000, but according to the table, the spend turned out to be nearly £1 million, or 126 per cent over. Again, is that just a case of money being shifted around?

Meeting of the Commission

Audit Scotland Annual Report and Accounts for the year to 31 March 2025 and Auditor’s Report on the Accounts

Meeting date: 23 June 2025

Jamie Greene

Richard Leonard is welcome to come back in on that point if he wishes.

This is an interesting area. I was under the impression that you have fixed fee rates for external organisations that, if I recall correctly, are subject to reasonably lengthy contracts. The sheer level of the rise in external fees surprised me, though: it is nearly £1.7 million above what was budgeted. Are you saying that that rise has been driven not by understaffing issues in your organisation but by the clients that you manage?