Chamber and committees

Okay. Was that throughout the process and could have been around the time that you were making the decision about whether to authorise the second draw down? I realise that you said earlier that you will provide that information to us.

There is the additional challenge that SNIB is not a traditional asset manager. It is a publicly owned bank that reports to the Scottish Parliament. How does that provide challenges, or is it too early to say?

It would be helpful to give us an idea of exactly when it was drawn down. Was the second drawing down done at a time when there was real risk? It would be helpful to know that.

Is there any other exposure for the bank from Circularity Scotland’s being in administration?

Are there projects that you had in the pipeline and were considering that were reliant on the DRS?

Okay.

When did you first find out that CSL was going into administration?

That is the first time that the company said that it would do that, but had it intimated previously that it might consider it?

It seems to me that it first became public when it was mentioned by the minister in the chamber yesterday. I certainly did not see anything else. That might follow the process, but other organisations had not heard. That might not be an issue for you, but it is interesting. You heard directly from CSL.

There was certainly what was described as a “begging letter” sent out to producers and retailers—I think last week—asking for more support to keep CSL going. Were you contacted about additional support?

The hierarchy of creditors was mentioned. Obviously, that is something that the administrators will look at. Many organisations will have lost money—SNIB included. Some will be very small and will not be able to deal with the loss, given the other additional costs that they have had. Is it your understanding that SNIB is higher in the hierarchy of creditors than smaller organisations? Where do you fit in? Is there potential that you will be reimbursed at least some of the money ahead of smaller organisations or other private organisations?

I have just one more question, if that is all right. How will you review what has happened? You have talked about mistakes that have been made, and my colleagues have asked about due diligence. Is there a formal process, perhaps once the dust has settled, to formally review the matter?