Scottish National Investment Bank: consultation report

3. Overview of responses

This section of the report provides an overview of the responses and provides a broader context for understanding respondents' views.

It cannot be assumed that the views expressed in this consultation are representative of those of the general population.

Strong support for the creation of the Bank

A significant number of respondents were supportive of the proposal for the Bank, with many seeing it as an opportunity to move away from the status quo in the existing Scottish investment landscape. A range of perspectives were provided, with some recognising market failure and funding gaps in specific areas of the economy as the basis for the Bank and consequently supporting a long term approach to investment. Others supported the proposal because they were sceptical of the motives of the private finance sector and either wished to see an organisation focusing on raising Scotland's international profile or an investment vehicle investing in socially and ethically minded projects locally.

The majority of the questions within the consultation required the selection of an answer, but each question provided respondents the opportunity to formulate their own answer or provide additional detail to their chosen answers. In these sections, many respondents provided opinions and additional information, with most demonstrating enthusiasm to engage with the development of the proposal.

An alternative view

While many respondents supported the proposal, a small number of respondents opposed the process. These respondents noted that the potential services and scope of the Bank were already provided across the UK, and that this was an unnecessary addition to the existing public sector landscape. Others considered that the existence of the Bank would distort the free market, and lead to undesirable outcomes for Scotland's economy. Finally, some of those not in favour of the proposal remarked that it could be open to political pressure or manipulation.