Scottish National Investment Bank

The Scottish National Investment Bank (Scottish Gaelic: Banca Tasgaidh Nàiseanta na h-Alba) is a Scottish state-owned investment and national development bank based in Edinburgh, Scotland.[1] Although referred to as a bank, it does not do normal banking operations nor accepts deposits. The bank uses public money to fund commercial projects across Scotland with the hope that this seed capital will encourage further private investment, to help develop a fairer, more sustainable economy. £2 Billion of taxpayers money is earmarked for the bank.[2]

Scottish National Investment Bank plc
TypeState-owned investment and development bank
(Statutory corporation)
IndustryFinancial services
FoundedNovember 2020
HeadquartersEdinburgh, Scotland, UK
Key people
Sarah Roughead, Interim Chief Executive
Willie Watt, Chairman
OwnerScottish Government
Websitewww.thebank.scot

The bank is a public corporation,[3][4] with the only shareholder being the Scottish Government.[5] It reports to the Cabinet Secretary for Finance and the Economy.[6]

History

The bank was announced in September 2017 in the First Minister Nicola Sturgeon's 2017 Programme for Government. Benny Higgins was appointed as a strategic adviser, to oversee the organisation launching.[7] In February 2018 an implementation plan was launched.[8] The Scottish National Investment Bank Act 2020 was passed by Parliament on 21 January 2020. The Act legally obliged Scottish Ministers to establish a National Investment Bank for Scotland as both a public body and a publicly limited company. The bank was formally launched in November 2020.

In February 2022 the chief executive Eilidh MacTaggart left her £235,000 a year job abruptly. Despite being questioned about the departure in the Scottish Parliament, First Minister Nicola Sturgeon refused to provide a reason for it. [9] In an escalating row Douglas Ross criticised the Scottish Government's "secrecy and shutting down of scrutiny". He added that the timing of Ms MacTaggart's departure was "very suspicious". The departure coincided with launch of the Scottish National Party and Scottish Green Party Coalition Government's new National Strategy for Economic Transformation which would direct the focus of future investments made by the bank.[10] Ms MacTaggart subsequently insisted she left the bank for personal reasons, [11] and she received £117,500 upon departure in lieu of having to work her notice period due under the terms of her contract.[12]

Activities

The bank seeks to invest in businesses, projects and communities across Scotland, with its investment targeted to support three main aims:[13][14]

  • Supporting Scotland's transition to net-zero carbon emissions by 2045[15]
  • Building communities and promoting equality by 2040
  • Harnessing innovation to enable our people to flourish by 2040

The bank has an initial budget of £2 billion for the first 10 years of its existence (2020–2030).[2]

Portfolio
Date Company Sector Value (GBP) References
23 November 2020 M Squared Lasers Quantum technology 12,500,000 [16]
24 February 2021 PfP Capital Mid-market rental housing 40,000,000 [17]
27 July 2021 R3 IoT IoT satellite connectivity 1,000,000 [18]
29 July 2021 Forev EV charging infrastructure 2,000,000 [19]
11 August 2021 IndiNature Natural fibre insulation 3,000,000 [20]
17 August 2021 Gresham House Forestry Fund Woodland creation 50,000,000 [21]
7 September 2021 Nova Innovation Net zero 6,400,000 [22]
22 September 2021 Sunamp Net zero 6,000,000 [23]
15 November 2021 Iona Wind Partnership Net zero 13,000,000 [24]
03 December 2021 Strathcarron Homes Housing 3,000,000 [25]
07 January 2022 Lothian Broadband Group Rural broadband 20,000,000 [26]
18 January 2022 Highland Coast Hotels Tourism 4,450,000 [27]
28 January 2022 Port of Aberdeen Marine infrastructure 30,000,000 [28]
31 March 2022 Travelnest Tourism 3,000,000 [29]
9 May 2022 Circularity Scotland Deposit-return scheme 9,000,000 [30]
9 May 2022 Elasmogen Pharmaceutical industry 3,500,000 [31]
4 July 2022 Orbital Marine Power Renewable energy 4,000,000 [32]
13 July 2022 pureLiFi Telecommunications 10,000,000 [33]
18 July 2022 Wavegarden Scotland Surf technology 26,000,000 [34]
5 September 2022 Trojan Energy EV charging infrastructure 9,000,000 [35]

References
  1. "SCOTTISH NATIONAL INVESTMENT BANK PLC - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk.
  2. "Scotland's national investment bank launches". BBC News. 23 November 2020. Retrieved 23 November 2020.
  3. "Scottish national investment bank legislation published". BBC News. 28 February 2019. Retrieved 11 September 2019.
  4. "Scottish National Investment Bank Stage 1 Report". Scottish Parliament Reports.
  5. Donnelly, Brian (28 November 2018). "Scottish National Investment Bank chief pledges pay caps and no bail-outs". The Herald. Retrieved 11 September 2019.
  6. "Cabinet Secretary for Economy, Fair Work and Culture". Scottish Government. Retrieved 23 November 2020.
  7. "Scottish national investment bank plans unveiled". The Herald. 20 October 2017. Retrieved 11 September 2019.
  8. Brooks, Libby (28 February 2019). "Scottish government to launch national investment bank". The Guardian. Retrieved 11 September 2019.
  9. "Sturgeon tight-lipped on Eilidh MacTaggart Exit". The National.
  10. cite web|url=https://www.bbc.co.uk/news/uk-scotland-scotland-politics-60601477%7Cwork=BBC
  11. "Investment bank boss insists she quit for personal reasons". BBC.
  12. "Scottish National Investment Bank boss paid £117,500 after quitting". BBC.
  13. "What we do". Scottish National Investment Bank. Retrieved 23 November 2020.
  14. "Our Missions". Scottish National Investment Bank. Retrieved 23 November 2020.
  15. "MSPs pass Scottish National Investment Bank legislation". BBC News. 21 January 2020. Retrieved 9 April 2021.
  16. Wright, Scott (23 November 2020). "New Scottish bank opens doors with £12.5m investment in pioneering Glasgow laser firm". The Herald. Retrieved 12 January 2021.
  17. "Investment Case Study | The Scottish National Investment Bank | Scottish National Investment Bank invests in PfP Capital's Mid Market Rent Fund". Scottish National Investment Bank. Retrieved 6 March 2021.
  18. "Space tech firm R3-IoT to go global after funding deal". Daily Business. 27 July 2021. Retrieved 13 August 2021.
  19. Walker, Peter A. (29 July 2021). "Scottish National Investment Bank backs Forev with £2 million". businessInsider. Retrieved 13 August 2021.
  20. "Hemp-based insulation firm secures Scottish National Investment Bank funding". www.businessgreen.com. 12 August 2021. Retrieved 13 August 2021.
  21. "Scottish National Investment Bank backs forestry fund". Daily Business. 19 August 2021. Retrieved 19 August 2021.
  22. "Nova secures SNIB funds for tidal turbines". Daily Business. 8 September 2021. Retrieved 27 November 2021.
  23. Cameron, Greig. "Sunamp batteries get £6m backing". ISSN 0140-0460. Retrieved 27 November 2021.
  24. McSherry, Mark. "Iona wind partnership gets SNIB investment – Scottish Financial Review". Retrieved 27 November 2021.
  25. "Scottish National Investment Bank steps in to fund new Glasgow homes – Scottish Construction Now". 3 December 2021. Retrieved 20 April 2022.
  26. "Independent broadband firm secures £20m funding to reach 70,000 customers – Future Scot". 6 January 2022. Retrieved 20 April 2022.
  27. "Highland Coast Hotels secures £4.45 million investment from the Scottish National Investment Bank – The Northern Times". 19 January 2022. Retrieved 20 April 2022.
  28. "Aberdeen Harbour receives £30 million in funding – Scottish Business Insider". 28 January 2022. Retrieved 20 April 2022.
  29. Walker, Peter A. (6 May 2022). "Scottish National Investment Bank gives £3 million to travel tech firm". businessInsider. Retrieved 26 September 2022.
  30. "SNIB invests £9m to help boost recycling of single-use drinks containers". Scottish Financial News. Retrieved 26 September 2022.
  31. "Aberdeen-based life sciences pioneer Elasmogen secures seven-figure boost from organisations including the SNIB". www.scotsman.com. 18 May 2022. Retrieved 26 September 2022.
  32. "Renewable energy company Orbital funded by Scottish National Investment Bank". Scottish Financial News. Retrieved 26 September 2022.
  33. Cameron, Greig. "Purelifi gets £10m tech backing". ISSN 0140-0460. Retrieved 26 September 2022.
  34. "Delayed Wavegarden gets £26m SNIB backing". Daily Business. 18 July 2022. Retrieved 26 September 2022.
  35. "Scottish National Investment Bank fuels electric vehicle charging firm with £9m deal". uk.news.yahoo.com. Retrieved 26 September 2022.
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