The Official Report is a written record of public meetings of the Parliament and committees.
All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
All Official Reports of public meetings of committees.
Displaying 2133 contributions
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Jamie Greene
The other big selling point of the bank is its so-called ability to unlock private investment. My understanding is that the bank would not regularly invest at the start-up stage of a business but, rather, at the so-called growth stage, although there is some ambiguity about what that means. In your report, you talk about £1.4 billion of funding
“attracted from other investors as a result of investment by the Bank”.
That is a bold statement to make. How do you quantify the idea of unlocking private capital? It is a bit like saying that you switch on a light bulb and mosquitoes come to it. Did you instigate that by switching the light on? It is easy to put that figure down as a metric of success because it is such a big number, but it must be very hard to pin down in real terms.
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
Is £3.2 million the base cost of keeping the yard’s lights on and keeping the workforce in it?
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
Moving on to another strategic investment that is under your control, has the Scottish Government undertaken any current analysis of developments with regard to Liberty Steel?
Mr Irwin, you will be aware of yesterday’s media reports about attempts to adjourn a winding-up petition that was lodged by one of Speciality Steel UK Ltd’s creditors and could result in it being forcibly moved into compulsory liquidation. Given that the Scottish Government has had and still has interactions with the company, is that a risk?
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
That is helpful. Just to be clear, at the moment, there is no identified immediate risk of the Scottish Government being a creditor to that business, if it is liquidated. Is that correct?
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
Any interventions.
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
Good morning. I have a supplementary question on the first line of questioning. Mr Irwin, in response to one of the earlier questions, you stated—and correct me if I am wrong—that you have full confidence in the board of FMPG, including its current chair. Will you qualify that and explain how you have come to that conclusion, given the yard’s inability to compete in the open market for new business and its cost overruns, which, I am sure, other members will want to address? Do you believe that the current board at the yard is creating a sustainable future for it? If so, will you qualify that and explain how you have come to that conclusion?
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
Forgive me if I am wrong, but I am getting a sense that there is a reticence on your part to admit that, if things were not going in the right direction, you would be unwilling to criticise the board, because that would be a reflection on your input and a measure of your failure, as the strategic commercial asset division. As you are so heavily invested in the strategy and the business model, if that fails, you have failed. Therefore, you would not be willing to go on record and criticise the board. At what point would you sack the board, or when would you recommend that ministers should sack the board, if you were unhappy that the business was not run to its full ability?
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
I want to get this straight, because £35 million is a lot of money—it is nearly the original planned cost of the whole vessel, and it is on top of what has already been spent. We are talking about some really big numbers. I am trying to get my head around what is driving that huge overrun. There must be an elephant in the room. Something must be driving such a massive cost overrun. Is it something that was installed that does not work? Is it something that has not been installed but which is now defunct? Is it the cost of the people? I have no idea whether the overrun involves capital expenditure or resource spending. At the end of the day, it is public money, so we surely have a right to understand what the yard is asking for.
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
It is unfortunate that it spent that money and did not get the contracts.
Did anyone in the Scottish Government advise ministers to directly award any of those contracts? For example, presumably it would have been in the interests of the yard to be given the small vessel replacement programme work. Did SCAD offer any advice to ministers about whether they should directly award that work and, if so, what was the ministers’ response?
Public Audit Committee [Draft]
Meeting date: 21 May 2025
Jamie Greene
Is that not strange, though? Would SCAD not want the yard to get work? Did you not make representations either to CMAL or to the transport division of the Scottish Government?