A Scottish National Investment Bank should
- support investment in infrastructure and SMEs
- be publicly owned but operated independently
- promote the highest levels of transparency and accountability.
- allowed to raise funds on capital markets by issuing bonds
― The SNIB’s overarching mandate should reflect a broader economic strategy developed in a democratic process, controlled by the Scottish Government, and reviewed periodically.
― The core activities of a SNIB should be to support investment in infrastructure and SMEs and to direct investment towards innovation for social and environmental objectives.
― The SNIB should be publicly owned but operated independent as a fully commercial entity, free of day-to-day political interference.
― Robust ownership and governance structures should be put in place which promote the highest levels of transparency and accountability.
― The Scottish Government should inject £225 million of capital, increased to at least £1.35 billion over six years.
― The SNIB should be allowed to raise funds on capital markets by issuing bonds up to a leverage of 2.5 times its subscribed capital.
― The Scottish Government should request that the UK Government grant SNIB dispensation from Treasury rules which would otherwise mean that SNIB lending counts against Scottish Government borrowing limits.