Chamber and committees

On the nature of the capitalisation, is there a risk that funds from that source might not be available in the future, or are you comfortable that they will be?

I will continue on the SNIB, to get a better understanding about the funding side. SNIB has, largely, been capitalised using financial transactions, which come with certain restrictions on use and have to be repaid over the long term. In the back of my mind, I have a memory that the period is 30 years or something for repayment, but that might be historical; I do not know. The bank has said that it is pursuing regulatory approval that would enable it to manage third-party funds and increase its total capital resources. Have you considered allocating other forms of funding outside of financial transactions, which might give SNIB a bit more flexibility?

Have the nature of the capitalisation and restrictions around it impacted on the range of investments that SNIB is able to make? I am aware that, although there are restrictions, it can still invest in private capital, private equity and so on. Are there areas in which SNIB might have wanted to invest, but which it is precluded from investing in?

In the light of the pressures on public sector pay and the on-going threat of industrial action, how do you assess the success, so far, of prioritising wage increases over spending on employability services?

An obvious question to ask is how we evidence that there is alignment. How do we know? We might have it in policy and in all the documents and so on, but how do we evidence that it has been achieved?

What indication have you seen of people transitioning out of the oil and gas industry into renewables? Has there been any significant movement?

Would John O’Sullivan like to comment?

I will follow up on two very basic things that you mentioned in your interesting answer. You spoke about there being an endemic lack of confidence in the culture in Scotland. Are there any indications that the situation is improving? Further to that, is it possible to teach entrepreneurship? Could you create a class in school that would teach pupils about entrepreneurship?

I have one last question. You touched—you did not dwell too long—on Government policy. Are there deficiencies in Government policy? Are there things that need to be done?

Let me ask you a very obvious question. What do you consider are the barriers to entrepreneurial activity in Scotland?