International News: Scotland’s new publicly-owned National Investment Bank expected to open next year

Scottish National Investment Bank

 

The Scottish National Investment Bank, introduced to the Scottish Parliament in February this year, would be a publicly owned “mission-oriented” bank. According to its website, the bank will be operational in 2020. Initial capitalization is £2 billion over ten years.

The fact sheet for the new bank describes the vision:

“The Bank will be a cornerstone institution in Scotland’s financial landscape, there to help transform the economy, [and] … its culture, governance, and approach to businesses and individuals will define it as an ethical, inclusive and trusted institution, [holding] to the principles of equality; transparency; diversity; and inclusion.

According to the Scottish Government’s description, “Through consultation, Scottish Ministers will set out major priorities for investment ‘missions’ which address major societal challenges in order to achieve transformative and inclusive change.” See graphic below.

Scottish National Investment Bank mission

Scottish National Investment Bank mission

 

One of the economic advisors for the Government council and co-author of the report below, Mariana Mazzucato, writes recently that the new bank should be open to investing in social enterprises and other organizations beyond the “commercial” private sector.

Report: UCL Institute for Innovation and Public Purpose (IIPP) Working Paper: A mission-oriented framework for the Scottish National Investment Bank

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