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Scottish National Investment Bank Implementation Plan

Scottish National Investment Bank Implementation Plan

Wednesday, February 28, 2018

ISBN: 9781788516600

The Programme for Government included a commitment to establish a Scottish National Investment Bank. Benny Higgins, CEO of Tesco Bank was asked to develop an Implementation Plan to provide Scottish Government with recommendations on the role, remit, governance and capitalisation of the Bank.

Executive Summary

The Council of Economic Advisers highlighted the need for strategic patient capital to boost business investment and innovation and to support our long term growth ambitions. The Scottish Government’s 2017-18 Programme for Government committed to establishing a Scottish National Investment Bank to boost Scotland’s competitiveness and realise the Scottish Government’s ambitions for the economy by providing patient capital to finance growth. This commitment was made on strong international evidence that national investment banks of scale can lead to a strong, positive impact on investment, innovation and long-term economic growth. By making strategic investments and nurturing new industrial landscapes, their focus on solving important societal challenges (a “mission-oriented” approach) has helped other countries to rebalance their economies and reinvigorate their industrial base. These institutions act in concert with their governments and other public sector institutions to help achieve long term objectives.

This Implementation Plan provides recommendations on the establishment of a Scottish 'National Investment Bank' and covers a variety of topics including:

-The role of existing national promotional banks

-Alignment to Scottish Government policy

-The Bank's vision and mission based approach

-Proposed financial activities

-Classification and capitalisation of the Bank

-Suggested governance structures

-A recommended transition plan

The vision set out here for the new Bank is one with the scope and scale to transform the Scottish economy.