Set up and operating costs of the Scottish National Investment Bank

Letter from the Cabinet Secretary for Finance and Economy Kate Forbes MSP to the Convener, 11 October 2021

Dear Dean,

I write to respond to a recent question at the Net Zero, Energy and Transport Committee’s session on 28 September when Liam Kerr MSP asked Willie Watt and Eilidh Mactaggart of the Scottish National Investment Bank about the total pre-launch costs for the Bank. He also noted the Scottish Parliament Information Centre briefing estimated the set-up and operating costs between 2018 and 2023 would be £49.9 million. 

As Ms Mactaggart indicated to the Committee, the Scottish Government is best placed to respond to this question.

The total figure of £49.9 million for the period 2018-23 was provided in the Financial Memorandum that accompanied the Bill when it was introduced to Parliament in 2019. This figure was to cover set up and delivery costs of the Bank, plus initial on-going support for its operations and the sponsor team/shareholder function over that entire period. The estimated cost to deliver the Bank in 2020 as set out in the Financial Memorandum was £26.7 million. This is set out in the table (see annexe) adjusted slightly to take account of the timing of the Bank’s launch at the end of November that year. 

I hope this information is helpful and clarifies the position.

Yours sincerely,

Kate Forbes

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