Financial information relating to the Scottish National Investment Bank: FOI release

Information requested

Can you supply me with the audit trail showing where the £2 billion for your Investment Bank came from.

Response

You have asked about the audit trail showing where the £2 billion for the Scottish National Investment Bank (the bank) came from. The bank only came into being on 23rd November 2020 and the capital for the bank will be provided over several years. Information about this is publicly available in a number of places, and I would suggest you consult the following sources:

• The Financial Memorandum which accompanied the bill that enabled setting up the bank which is available here: https://www.parliament.scot/S5_Bills/Scottish%20National%20Investment%20Bank%20Bill/SPBill43FMS052019.pdf  
• Further updated financial information in a letter to the Scottish Parliament in January 2020 that can be found here: https://www.parliament.scot/S5_EconomyJobsFairWork/Inquiries/20200110-CabSecFEFWSNIB.pdf.

In Scottish budgets and budget settlements for 2018-21 the Scottish Government has made £490 million available for pre-bank investment which should contribute to the £2 billion. The £490 million was provided within budgets over several financial years and is contained within settlements in different parts of the Economy portfolio, so it’s not possible to direct you to the exact provision. General information on the previous budget settlements and the bank is available here:

• 2018-19 Budget Bill, please see pages 3 and 13 Scottish Budget: Draft Budget 2018-19 (www.gov.scot)
• 2019-20 Budget Bill, please see pages 21 and 100 scottish-budget-2019-20.pdf (www.gov.scot)
• 2020-21 Budget Bill, please see page 5,92, 104 Scottish Budget 2020-21 (www.gov.scot)

The balance of the £2 billion will be part of future budget settlements to be agreed by the Scottish Parliament; more information on this can be expected in the forthcoming draft budget for 2021-22.

Your request also touched on how the Scottish Government is funded. Information about the Fiscal Framework might be of interest to you in this respect: https://www.gov.scot/publications/agreementbetween-scottish-government-united-kingdom-government-scottish-governments-fiscal/.

You also asked about the eligibility of the £500 payment to Health and Social Care staff. We are extremely grateful for the hard work of Key Workers working in all sectors across Scotland during the Covid-19 Crisis. This payment recognises the particular debt we all owe to health and care staff, who have been – and continue to be – on the very front line of this crisis, helping to save lives and to protect us all.

The Scottish Government has published a list of frequently asked questions regarding this payment which provides information on eligibility and payment arrangements, and which address the issues raised in your correspondence. The FAQ can be found
at: https://www.gov.scot/publications/coronavirus-covid-19-gbp500-payment-for-health-and-socialcare-staff---questions-and-answers/

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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.