24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
In the mainstream market, yes, absolutely.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
—in terms of other financing available elsewhere, if I can put it like that. So, I think that's really important, that we continue to make as much patient capital available through the bank as possible. We've increased that quite significantly. From memory…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Yes. So, I think one of the things at the heart of that is that idea of patient capital, isn't it, which I think is the point you're alluding to—
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Just to be clear, I don't have a confusion about the bank's current processes; the point I'm really making is that it isn't clear to me that they are not sufficient to address the point that the independent panel is being proposed as a solution to. And if…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, my understanding is that that case is the subject of an existing complaint to the bank, so, obviously, in light of that, it's not appropriate for me to comment.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Yes. So, I guess my take on it is, my understanding is, that the bank has refreshed its complaints procedure anyway over the last 12 months or so, complies with the UK-wide financial ombudsman's requirements, so I think that's important for us to note. What I…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
I should say, probably, just in defence of the bank, that it is a policy choice on the part of Ministers to make that support available. The question then is, 'What's the best way of doing that?' And I think it's clear the bank has the expertise to do that in…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, I'll ask Jo, perhaps, to come in on some of this, but I think it is important to bear in mind that one of the tasks that we task the bank with, if you like, is to provide support to the Government's broader objectives, so, in any number of ways…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Yes.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, I'm not aware of specific concerns around that. It is really important that we always make sure that the people who are appointed as non-executive directors are really adding value to that company. That's when it works at its best. Sometimes that may…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, it's a matter of company law as much as anything, but it's also right.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
It's a really interesting and complex question, that, isn't it, because it's about human expectation and perception as much as anything else. I know from my own experience; in my prior life before coming here, I worked for a company that did take investment…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Yes, we do. I think it's important to have the mix, and, as you absolutely rightly say, it isn't something that is suitable for every business that wants support. Not every business is a company. I think it obviously will not be applicable in every case. I do…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
My understanding is that the bank is the biggest equity investor in Welsh businesses. The level of equity investment is going up. It's around £15.5 million a year at the moment. There are some good examples of successful equity investment. It's a more recent…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
When we have clarity around when a thematic review might take place, we'll discuss that with the bank. But I think it's clear to all of us that the prior question is resolving the classification question, which is obviously quite a significant question in…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, I'm sure that would be helpful if that is the position.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, we had two reviews leading up to the development bank being established—one in 2013, and then the task and finish group, which Professor Dylan Jones-Evans himself led, in 2014, which led to the establishment of the bank in 2017. Since the establishment…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, as I said to the Chair earlier, I can't give confidence of that being resolved immediately, but we are working as hard as we can. We hope the Treasury will help us find a solution to it.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
After we've done the classification resolution.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
I'm telling you that the pause was there to make sure we introduced the self-assessment model, which is that interim stage of assessment before we do a tailored review. That's in place at the moment, as I understand it. Once that's complete, we'll have a…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, it's not so much a change of heart; it's that the process that has been put in place since we wrote the remit letter has, I think, introduced a new assessment stage before a tailored review is undertaken. So, the context for this is that the body that…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
I didn't catch that.
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Well, the next remit letter will be issued at the start of the next Senedd term. So, there are some things that we will want to do during this Senedd term to prepare for that new remit letter. So, there are some reviews that we might consider doing in order…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
The bank is already supporting the Government's ambition to increase employee-owed businesses, so that's positive, and has brought in expertise at a board level, specifically in relation to employee buy-outs, so I think that's very positive. In some senses…
24 Ebrill 2024 , Economy, Trade, and Rural Affairs Committee
Ymchwiliad: Banc Datblygu Cymru: Panel 5 - Ysgrifennydd y Cabinet dros yr Economi, Ynni a’r Gymraeg
Sure. So, ministerially, there are meetings twice a year—they've tended to be twice a year and it's my plan to continue that—with the chair and the chief executive. Officials meet more regularly. I'll ask perhaps Duncan or perhaps Jo—I don't know which of you…
