Salmond supports Scottish bank idea

(Thursday 23 April 2009)

by Malcolm Burns in Perth

SNP First Minister Alex Salmond told the STUC Congress in Perth that his government would act to establish a Scottish Investment Bank, as called for in the STUC agenda for rebuilding collective prosperity.

Mr Salmond said: "In the aftermath of the financial crash, we have to look at every economic lever available to us.

"The Scottish government has studied very carefully the STUC agenda and we find that the proposal for a Scottish Investment Bank has substantial merit. We are now working to establish exactly that."

He added that he was looking to Scotland's main economic development agency Scottish Enterprise to form the basis of the bank and announced that £20m would be found to support the initiative from the Scottish Venture Fund.

"This is very much a first step, an acorn from which a mighty oak might grow," he said.

"We will look to pull in substantial resources from the European Investment Bank," he said.

"There is huge potential for investment and innovation in high-growth Scottish businesses. In taking forward the ideas initiated by this congress and others, we can make sure prosperity is realised."

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