Scottish National Investment Bank Act 2020

The Scottish National Investment Bank Act 2020 is an Act of the Scottish Parliament which was passed by Parliament on 21 January 2020.[2] The Act legally obliges Scottish Ministers to establish a National Investment Bank for Scotland as both a public body and a publicly limited company. The bank is to be independent of the Scottish Government. "Its primary goal is to help Scotland transition to net-zero carbon emissions, while supporting small and medium-size enterprises."[3]

Scottish National Investment Bank Act 2020
Act of the Scottish Parliament
Scottish Parliament
Long titleAn Act of the Scottish Parliament to require the establishment of the Scottish National Investment Bank and to make further provision in connection with that body.
Citation2020 asp 3
Introduced byDerek Mackay MSP
Territorial extent Scotland
Dates
Royal assent25 February 2020
Commencement16 September 2020[1]
Status: Current legislation
Text of statute as originally enacted

The Bill was introduced by Cabinet Secretary for Finance, Derek Mackay MSP.

The lead scrutinising committee was the Finance and Constitution Committee.

The Bill received Royal assent on 25 February 2020, becoming an Act of the Scottish Parliament.

The Scottish National Investment Bank was formally launched in November 2020.

References
  1. Hyslop, Fiona (2 September 2020). "The Scottish National Investment Bank Act 2020 (Commencement) Regulations 2020". legislation.gov.uk. SI 2020 No. 272 (C. 22).
  2. "Scottish National Investment Bank Bill". Scottish Parliament. 26 February 2020. Retrieved 1 March 2020.
  3. "MSPs pass national investment bank legislation". BBC News. 21 January 2020. Retrieved 1 March 2020.


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