"It is apparent that we are now at a critical juncture, with a once-in-a generation opportunity for Scotland to grasp the potential that comes from technical advancement. To unlock such potential the new Scottish National Investment Bank will be a cornerstone institution in Scotland's economic architecture to help realise these possibilities"
Last September, the First Minster announced plans to establish a Scottish National Investment Bank. Since then, the Implementation Plan published in February 2018, set out a high level, strategic blueprint for Scotland's investment bank as a unique new public institution and cornerstone body in Scotland's economic architecture. The Government has now accepted all 21 of the recommendations in the Implementation Plan. Subsequent parliamentary endorsement of our approach confirmed the need for a Bank with ambition and vision to address Scotland's economic priorities in a sustainable, inclusive and ethical way.
I am delighted that the launch of this further consultation, ahead of the introduction of a Bill, brings us another step towards seeing the Bank established in 2020. The Bank will work for the benefit of the people of Scotland which is why it is essential that all have the opportunity to express views on how best the Bank can meet its objectives.
The Bank has the potential to help transform Scotland's economy. It will focus on long-term patient capital, and be shaped by a mission-orientated approach. It will create and shape future markets and define how our economy will develop. I want Scotland to be a nation with an enviable place in the world. This means Scotland inventing, designing and manufacturing the innovations that will shape the future – not just being a consumer of other people's ideas – and this is at the heart of the role for this Bank.
The Bank will serve businesses who wish to innovate and grow but find the traditional routes to finance challenging. By providing a single point of access to investment, and adopting a strategic focus and risk appetite that is different, the Bank can fuel the economy and catalyse additional private sector investment.
The Scottish Government has committed to providing £2 billion over 10 years to initially capitalise the Bank which is both ambitious and achievable. It will make a material difference to the supply of capital to the Scottish economy by levering in additional private investment, supporting ambitious firms to flourish and enabling the transformational change that is essential for sustaining Scotland's position as a vibrant economy.
Through this consultation we will further refine how this unique new body will operate, its relationship with Ministers and the people of Scotland, and how its strategic direction will be set by missions. We will listen to your views on priorities for investment and governance of the Bank and use them to inform the proposals that will be included in legislation next year to pave the way for the Bank. This will help build an institution with the right values, vision and purpose.
Cabinet Secretary for Finance, Economy and Fair Work
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