The Scottish National Investment Bank has been firmly in the spotlight over the past fortnight.

Last Monday, SNIB published its latest annual report and accounts.

Almost inevitably, political criticism ensued.

There was much of substance to digest in the numbers.

SNIB recorded a net loss of £138 million for the year to March, reflecting £65m of realised losses from the failure of three early investments and £85m of unrealised losses arising from investment-value writedowns as well as anticipated losses relating to two further portfolio companies whose administration processes had not been completed by March 31.

The investment bank, to which the Scottish Government has committed £2 billion of capital funding over the 10 years from SNIB’s November 2020 launch, noted: “Losses connected to the failures of Krucial, M Squared and Trojan had crystallised by end of financial year and are therefore recorded as realised losses. The administration processes for Orbex and Pneumowave will complete in the next financial year, so losses are recorded as unrealised.”

It was the losses on which the Scottish Conservatives’ finance spokesman, Craig Hoy, chose to focus.

This was no surprise at all but it was dispiriting to see SNIB become a political football in this way.

Mr Hoy declared: “These eye-watering losses raise serious questions about how the SNP’s flagship Scottish National Investment Bank is operating.

“Taxpayers are repeatedly having to foot the bill for failed investments, while staff........

© Herald Scotland