Labour MSP Neil Findlay intervenes to raise concerns about the new director of the SNIB, who was once fined for a conflict of interest.

Mr Lockhart says those issues were addressed in letters between the cabinet secretary and economy committee.

On operating costs he highlights the amount spent already on enterprise agencies and he calls on the minister to set out the medium and long term plans for the bank once it is up and running.

He also suggests enterprise agency budgets must be increased to carry out tasks set by the bank.

Tory MSP Dean Lockhart says his party agree with need for SNIB and that businesses in Scotland need more help to expand.

Mr Lockhart adds the SNIB will only work as part of a coherent economic policy framework.

He warns there is a cluttered enterprise landscape, with one witness telling MSPs it looked like a "Venn diagram on steroids".

Mr Mackay intervenes to pledge to update the chamber on this issue.

Mr Lockhart says the taxpayer must see positive returns from SNIB after initial capitalisation of £2bn.

Image source, bbc

Legislation to set up a Scottish national investment bank was published last February at Holyrood.

The Scottish government wants to have the bank up and running by 2020, with £2bn committed for investment in Scottish businesses over 10 years.

The bill now before MSPs will grant the necessary powers to set up the bank as a public limited company.

Its main role will be to make longer-term investments in Scottish firms, over a period of 10 to 15 years.

Read more here.

Mr Mackay says the bank will seek to make a sufficient financial return to be sustainable into the future and ensure it does not cost taxpayers.

The initial £2bn capitalisation will be recycled by the bank eight times over the next 50 years, he says.

The bill demonstrates Scotland's ambition to transform our economy and make societal changes argues the minister.

He urges other MSPs to pass the bill at decision time.

This Scottish National Investment Bank Bill describes the relevant powers of the Bank in broad terms but leaves a lot of the detail to the Articles of Association, external(that is to say the constitution of the Bank as a PLC).

The Bill does not confer any powers in itself, rather it sets out what the Bank's Articles of Association, external will have to say about its powers.

The Bill is very much enabling legislation.

What the Bill does do is place a duty on Scottish ministers to establish the Scottish National Investment Bank, as a public limited company, and gives the necessary powers to Scottish ministers to capitalise the Bank.

Scottish ministers will also be given the power to set the strategic direction of the Bank by the setting of missions.

Read more here., external

Finance Secretary Derek Mackay says this legislation will provide a strong statutory basis for the Scottish National Investment Bank (SNIB).

Mr Mackay says the case for establishing the SNIB is overwhelming and the bank will make a big difference.

He tells the chamber the bank can build on Scotland's strengths and crowd in investment.

The minister says the success of the Building Scotland Fund augers well for the SNIB, citing agreed investments of £100m and lock in projects in excess of £238m with the fund.

Image source, Getty Images

MSPs backed the general principles of the Scottish National Investment Bank Bill, external on Thursday 26 September 2019.

The bank is designed to make longer-term investments in Scottish businesses, with £2bn committed by the government for 10 years.

It was first announced by First Minister Nicola Sturgeon in her 2017 programme for government speech.

The economy committee backed the bill last July, but did call for MSPs to have a formal role in setting its long term focus.

Image source, Getty Images

MSPs will now debate the Scottish National Investment Bank Bill, external for the final time.

The bank is designed to make longer-term investments in Scottish businesses, with £2bn committed by the government for 10 years.

It was first announced by First Minister Nicola Sturgeon in her 2017 programme for government speech.

The economy committee backed the bill in July, but did call for MSPs to have a formal role in setting its long term focus.

Labour MSP Jackie Baillie now speaks to the final amendment to the Scottish National Investment Bank Bill which demands a review to ensure equal pay.

Ms Baillie points out the gender pay gap is still too high and there must be an equal pay review.

This would be a really positive step and would help close the gender pay gap, she adds.

Mr Mackay says the government backs this amendment and it is duly passed.

Image source, Getty Images

MSPs backed the general principles of the Scottish National Investment Bank Bill, external on Thursday 26 September 2019.

The bank is designed to make longer-term investments in Scottish businesses, with £2bn committed by the government for 10 years.

It was first announced by First Minister Nicola Sturgeon in her 2017 programme for government speech.

The economy committee backed the bill last July, but did call for MSPs to have a formal role in setting its long term focus.

Tory MSP Dean Lockhart backs the public consultation amendments from Derek Mackay.

Mr Lockhart says his amendment would require Scottish ministers to consult before changing any missions.

He cannot back Andy Wightman's net-zero emissions amendment as he argues the missions should be set out by the bank's executive.

The Tory MSP however wants achieving net-zero emissions to be one of the bank's missions.

Green MSP Andy Wightman begins debate on group 6 amendments on strategic missions.

He insists a strategic mission relating to achieving a net-zero emissions economy must be on the face of the bill.

Climate change is the most important issue and treating it as any other mission would dilute this message, he warns.

Finance Secretary Derek Mackay explains his amendments set out how strategic missions will be set and ensures they will be in place in time for the SNIB being set up.

On Mr Wightman's amendment, he says while he appreciates the motivation behind it he cannot support it because it would bypass the consultation step.

Finance Secretary Derek Mackay is happy to say the government will back Jackie Baillie's gender equality strategy amendments.

The minister thanks Engender and Close the Gap for their efforts on this.

Ms Baillie sees her amendment 35 agreed to.

Speaking to her amendments in the 'gender equality strategy' group, Labour MSP Jackie Baillie explains the principle of equality was not included in the bill and she expresses concern bolting it on after would mean it was not considered a priority.

A strategy would enable to bank to mainstream gender equality from the start, she states.

A second amendment will ensure data is collected on the impact of the strategy, Ms Baillie adds.

Andy Wightman sees his amendment calling for two directors of the SNIB to be elected by local authorities rejected by MSPs.