Riddle Me This, Scotland?
It's not a fucking bank.
— Brian Spilei (@BrianSpanner1) August 21, 2024
Is it legal to call any entity you choose a bank or is it a protected title in any legislation? https://t.co/INHlOctpRp
When is a 'bank' not a bank?
When it's the Scotland National Investment Bank - a 'pretendy' bank which is accountable only to SNP ministers.
The SNIB is in the news again after losing £14.6m in the last financial year which includes £8m following the collapse of the company set up to administer Scotland’s the SNP/Green disastrous deposit return scheme.
SNP - Over-Promising and Under-Delivering (January 30, 2024)
The Scottish National Investment Bank is not really a bank - it's a body set up three years ago and accountable only to SNP ministers.
The Herald reports on another example of Scottish ministers talking a great game, but yet again failing to deliver.
"SNP ministers have been accused of a “scandalous dereliction of duty” over the operation of Scotland’s state-owned £2billion investment bank.
"Under the Holyrood law which created the bank, ministers “must establish and maintain” a group to advise them on the bank’s “conduct and performance”.
"However, more than three years since the Scottish National Investment Bank (SNIB) opened in November 2020, ministers have still not created the “vital” body.
"Despite the lack of a board, the Bank has already committed more than £508million in spending and been allocated another £176m in funding for 2024/25.
"The Bank has also been buffeted by controversies, including its first £235,000-a-year CEO Eilidh Mactaggart quitting after just 15 months and getting £98,000 in lieu of notice, and the Bank losing £9m after investing in the Scottish Government’s failed deposit return scheme."
