A report by Holyrood’s economy committee has unanimously backed the creation of the bank, but has also called for politicians’ continued involvement in its long-term goals.

The committee, which has been scrutinising the legislation which will establish the SNIB, said more detail was needed about an SNIB advisory group, how the bank will stimulate demand, and the role of MSPs.

Evidence had been heard by the committee that without formal Parliament approval, the bank’s focus on the green economy could be downgraded in importance. As a result, committee convener, Gordon Lindhurst said: “The committee considers that there is a crucial and formal role that MSPs should continue to play in the development of the bank. Similar processes exist in other pieces of comparable legislation and would be entirely appropriate here. The bank has the potential to be a positive and integral part of the Scottish economy. However, there are areas covered by the bill and accompanying documents on which further work is required to ensure its full potential is achieved.”

MSPs demand say in new Scottish National Investment Bank’s ‘mission’