Chamber and committees

It was committing that amount, which would be provided once the scheme was operational?

The Bank of Scotland is not involved in the administration process.

Okay—thank you.

We will move on to other subjects. I again welcome Mr Denholm to the committee, which is his first appearance before us. In addition to what you said in your opening statement, I will give you the opportunity to set out what you see as the investment bank’s priorities for this financial year.

I have a quick question relating to one of Michelle Thomson’s questions. Is it possible to get an update on the development of the rate of return metrics that I understand the bank was developing?

We might follow that up with the Scottish Government, at the right opportunity.

The committee carried out an inquiry into town centres, and we would welcome seeing the Scottish National Investment Bank having that kind of relationship with local authorities and helping them to invest in local communities, and in town centres in particular.

I thank both of our witnesses for giving evidence. It has been interesting for the committee, and I look forward to our future discussions together.

Our next item of business is an evidence session with the Scottish National Investment Bank. I welcome from the bank Willie Watt, chair, and Al Denholm, chief executive officer. As always, I ask members and witnesses to keep their questions and answers as concise as possible. I invite both witnesses to make short opening statements.

Thank you very much. Members will want to ask about a range of issues, but you have raised Circularity Scotland and members would like to focus on that initially. The news of the administration came yesterday. Mr Watt, you have described your being in discussions with the administrators. Could you explain the impact of the announcement, what the timescale will be for any resolution to the situation and what the status of the £9 million loan will be going forward?

Picking up on Jamie Halcro Johnston’s question about different requirements within the UK, I would like to know where the Law Society of Scotland’s views fit into that. I think that it has made some comments about laws of possession not being identical and the fact that the law around intangible property does not apply in Scotland. Would it be for Scottish ministers to make the required changes in that area?

Does the Scottish Government have an idea of whether it is going to intervene and make changes in those areas?