Communications with the Scottish Government over the potential impact of SNIB on SE funding: FOI response (reference 4959)
Contents
Date received
08 March 2022
Date responded
05 April 2022
Information requested
Details of any communications between Scottish Enterprise and the Scottish Government over the potential impact of the Scottish National Investment Bank on Scottish Enterprise funding.
Response
We have searched our records for communications between Scottish Enterprise (SE) and the Scottish Government that concern the potential impact of the Scottish National Investment Bank (SNIB) on Scottish Enterprise funding. Our searches have identified one email trail, which is provided now below at appendix A.
As additional information and context, initially, per the Scottish National Investment Bank Implementation Plan published in February 2018, SE’s (then) Scottish Investment Bank (SIB) was to form part of SNIB, with the Bank building on SE’s early stage investment activity. In practice this was expected to mean the transfer of the investment portfolio and investment team into SNIB. However, it was later agreed that the SIB activity (renamed Growth Investments once SNIB became operational) should largely remain in SE given its integrated advice, support and investment offering to early stage businesses. Whilst there was an openness for some investments to still be transferred to the Bank in the short or longer term, there was no longer an expectation of a full portfolio transition from SE and SNIB on the Bank’s establishment, which would have had a significant impact on SE’s funding.
The email disclosed under this FOI request contains references on the impact on SE’s future income, based on this previously expected full portfolio transition. We hope that this context is helpful.
While we have attempted to release as much information to you as possible, please be aware that some of the information has been withheld. It is our view that the release of the full information would be in contravention of the data protection principles, and as such, exemption 38(1)(b) ‘personal data’ has been applied and that information redacted.
Attachments
Contact us
For further information please contact our communications team, quoting the FOI reference number.