This Bill aims to set up a Scottish National Investment Bank.
This is a Government bill
The Bill became an Act on 25 February 2020
This Bill was passed and is now an Act of the Scottish Parliament.
This Bill aims to set up a Scottish National Investment Bank.
This bank will not be a traditional retail bank that can be used by the public. It will serve businesses that want to innovate and grow, but struggle to get finance in traditional ways. The bank’s aim is to help grow Scotland’s economy in line with Scotland’s Economic Strategy.
Scottish Ministers will set out major priorities for the bank.
The bank will be both a public body and a public limited company (PLC). It’ll be independent from the Scottish Government. The bank’s board will set out how it intends to achieve the priorities set for it.
The bank should be up and running by 2020.
Businesses in Scotland often find it difficult to borrow money over a longer term (from 10 years). This is called ‘patient finance’. If they find it hard to borrow money, the economy cannot grow as easily.
The First Minister announced plans to set up a Scottish National Investment Bank in the Programme for Government 2017 to 2018. This was partly based on advice from the Council of Economic Advisers.
It said that national investment banks play a big part in supporting economic growth across Europe.
Scottish National Investment Bank Bill as Introduced (410KB, pdf) posted 05 August 2019
Explanatory Notes (163KB, pdf) posted 05 August 2019
Policy Memorandum (505KB, pdf) posted 05 August 2019
Financial Memorandum (606KB, pdf) posted 05 August 2019
Delegated Powers Memorandum (85KB, pdf) posted 05 August 2019
Statements on legislative competence (87KB, pdf) posted 05 August 2019
All Bills introduced in the Parliament must be accompanied by specific documents. For most Bills, this includes:
Explanatory Notes: this document provides an overview of what the Bill does, plus a more detailed explanation of individual provisions.
Policy Memorandum: this sets out the objectives of the Bill. It also lists any alternatives considered, details of consultations, and an assessment of the effects of the Bill on a range of areas.
Financial Memorandum: this sets out estimates of costs, savings, and any changes to revenues expected to result from the Bill.
Delegated Powers Memorandum: this is needed if a Bill gives powers to make subordinate legislation or allows Scottish Ministers to issue directions, guidance or codes of practice.
Statements on legislative competence: two short statements, one by the Presiding Officer and one by the Member introducing the Bill. “Legislative competence” means the powers the Parliament has to make law.
The Presiding Officer has decided under Rule 9.12 of Standing Orders that a financial resolution is required for this Bill.
For each Bill, the Presiding Officer must decide if a 'Financial Resolution' is required. The main reasons a Bill would need a Financial Resolution are that:
If a Bill requires a Financial Resolution:
The Scottish Parliament's Information Centre (SPICe) prepares impartial research and analysis to assist MSPs in their examination of Bills and other parliamentary business.
Scottish National Investment Bank Bill SPICe briefing
The Bill was introduced on 27 February 2019
At Stage 1, the Bill is given to a lead committee. This is usually the committee whose remit most closely relates to the subject of the Bill. The lead committee will consider and report on the Bill. Other committees may also examine the Bill and report to the lead committee. Finally, there is a debate and vote by all MSPs on the general principles of the Bill. If the general principles are not agreed to, then the Bill ‘falls’ and can’t become law.
The lead committee for this Bill is the Economy, Energy and Fair Work Committee. The lead committee considers and reports on the Bill.
The lead committee will usually examine the Bill through evidence sessions. This will involve contributions from individuals and organisations, known as 'witnesses', with knowledge of the subject matter. The committee might also discuss the Bill in private sessions.
The deadline for sharing your views on this Bill has passed.
If a Bill is relevant to more than one committee, 'secondary committees' may consider and report on the general principles of the Bill to the lead committee. Some Bills may also be considered by the Delegated Powers and Law Reform Committee or the Finance and Public Administration Committee.
A Stage 1 debate took place on 26 September 2019 to consider and decide on the general principles of the Bill.
See further details of the motion
The Bill ended Stage 1 on 26 September 2019
At Stage 2, MSPs can propose changes to a Bill. These are called 'amendments'. Any MSP can suggest amendments but only members of the Stage 2 committee can decide on them.
Documents with the amendments considered at the meeting on 19 November 2019:
First Marshalled List of Amendments for Stage 2 (221KB, pdf) posted 20 November 2019
First Groupings of Amendments for Stage 2 (274KB, pdf) posted 20 November 2019
A Stage 2 'Marshalled List' is a list of all the amendments that have been lodged at Stage 2 (or, if the Stage is mid-way through, all those still to be dealt with). They are listed in the order in which they will be called by the convener and then decided on.
A 'Groupings' list shows how the amendments that are listed in the Marshalled List have been grouped together for debate. Each group contains amendments that are related to each other, even if they are at different places in the Marshalled List.
If a Bill is relevant to more than one committee, 'secondary committees' may consider and report on the general principles of the Bill to the lead committee. Some Bills may also be considered by the Delegated Powers and Law Reform Committee or the Finance and Public Administration Committee.
Revised Explanatory Notes (172KB, pdf) posted 13 December 2019
Supplementary Delegated Powers Memorandum (127KB, pdf) posted 10 December 2019
Sometimes an amendment at Stage 2 makes substantial changes to a bill. If this happens, the Accompanying Documents need to be updated to explain what these changes are.
The Bill ended Stage 2 on 19 November 2019
At Stage 3, MSPs can propose further amendments (changes) to the Bill. These are debated and decided on in the Debating Chamber. At this stage, all MSPs can vote on them. There is then a debate on whether to pass the Bill. If the Bill is not passed, it ‘falls’ and can't become law.
Documents with the amendments considered in the Chamber on 21 January 2020:
First Marshalled List of Amendments for Stage 3 (219KB, pdf) posted 16 January 2020
Timed Groupings of Amendments for Stage 3 (247KB, pdf) posted 21 January 2020
A Stage 3 'Marshalled List' is a list of all the amendments that have been proposed at Stage 3 and that have been selected by the Presiding Officer. They are listed in the order in which they will be called by the Presiding Officer and then decided on.
A 'Groupings' list shows how the amendments that are listed in the Marshalled List have been grouped together for debate. Each group contains amendments that are related to each other, even if they are at different places in the Marshalled List.
Once MSPs have decided on the amendments, they debate whether to pass the Bill.
Result 113 for, 0 against, 0 abstained, 16 did not vote Vote Passed
See further details of the motion
Printing changes are changes to the text of a Bill. They will not change the legal effect of the Bill.
Scottish National Investment Bank Bill printing changes after Bill as passed (104KB, pdf) posted 20 April 2020
The Bill ended Stage 3 on 21 January 2020
If the Bill is passed, it is normally sent for Royal Assent after about 4 weeks. Royal Assent is when the Bill gets formal agreement by the King and becomes an Act of the Scottish Parliament. Some Acts come into force straight after Royal Assent. Some only come into force on a later date. Sometimes different bits of the same Act come into force on different dates.