An investment bank set-up by the Scottish Government lost £8m last year as a result of a botched recycling scheme.
It was announced today the Scottish National Investment Bank lost £14.6 million in the last financial year - including £8 million following the collapse of the company set up to administer the DRS. Bank chairman Willie Watt insisted the bank has made “clear and demonstrable achievement and progress” in its third full financial year.
“The bank’s income exceeded operational expenses for the first time. This is significant but we are conscious that in our early years this remains sensitive to the mix of investments, continued deployment, and availability of capital to invest.
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