- 5 Oct 2017
FOI reference: FOI/17/02124
Date received: 19 September 2017
Date responded: 5 October 2017
You asked whether funding was ever assigned to a Business Development Bank, for the business case for the Business Development Bank, how much money is available on annual basis to the Scottish Investment Bank, for the business case for a Scottish National Investment Bank, whether this will replace the Scottish Investment Bank and the amount of money that is intending to be allocated to the Scottish National Investment on an annual basis.
The answer to your question is that no funding was ever assigned to a Business Development Bank or for a business case for a Business Development Bank. Please see the announcement made by The Deputy First Minister regarding this matter on 16 February 2016: SG Enterprise and Environment 26 February 2016
You asked how much money is available on an annual basis to the Scottish Investment Bank. The Scottish Investment Bank is a division of Scottish Enterprise and the allocation of annual budget is a matter for Scottish Enterprise.
You also asked whether the Scottish National Investment Bank will replace the Scottish Investment Bank and the amount of money that will be allocated to the Scottish National Investment Bank on an annual basis.
The First Minister announced in the Programme for Government 17-18 that Benny Higgins, CEO of Tesco Bank has agreed to lead work on developing the Scottish National Investment Bank's precise remit, governance, operating model and its approach to managing financial risk. This work will propose a capitalisation plan over an appropriate number of years to allow the Bank to operate effectively. The final report will also consider the market for finance and how a Scottish National Investment Bank would complement existing sources of public finance.
The terms of reference for this work have been published and can be found at: Scottish National Investment Bank Implementation Plan
The Scottish Government is committed to publishing all information released in response to Freedom of Information requests. View all FOI responses at http://www.gov.scot/foi-responses
Please quote the FOI reference
Central Enquiry Unit
Phone: 0300 244 4000
The Scottish Government
St Andrew's House