27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay. Thank you. Can I bring in Adam Price, please?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay. Mike.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Thank you. I was just going to comment that, when I worked in commercial lending, I engaged with clients, generated proposals. The underwriters then said 'yes' or 'no', but then a further team then monitored continuously the investment—of course, based on…
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
When I worked in commercial—
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Can I bring in Rhianon Passmore before Mike comes back in?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Can I just bring in Natasha Asghar?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Thank you. Mike Hedges.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay, thank you.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Thank you. I'm not sure—. Correct me if I'm wrong, but I didn't hear an answer to the question on what ongoing costs are associated with holding the four investments.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Thank you. I'll bring in Rhianon Passmore.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay, thank you. I’ll bring in Natasha Asghar.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Thank you. Following questions raised in Plenary in the Chamber in July, why did it take five months to update the Senedd on the closure of the fund?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
—and HMT is His Majesty's Treasury, formerly Her Majesty's Treasury. Natasha.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Again, actually, just for the record, perhaps I should say, the ONS is the Office for National Statistics—
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
So, if, dependent upon ONS and HMT, this is reclassified, that will then be the figure you anticipate showing in Welsh Government accounts.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
All right. And within the bank, what is the figure that you're currently showing?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Thank you. I'll bring you in in a second. Building on, I think, the first part of Mike's question, what, if any, hit did the Welsh Government itself take financially, either directly or in terms of the repayment to the Treasury, or what—
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay, thank you. How would you clarify the distinction between the financial transactions capital element of the Welsh Government's commitment to the fund—£42.4 million—and the non-repayable public equity element—the £7.6 million—and what, if anything, has…
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay, thank you. Beyond that, no further capital has come back or is anticipated to come back.
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
And those various proceeds that you refer to—do you have a rough idea of how much they collectively come to?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay, thank you. Well, excepting liquidation of any individual investments, how much, if any, funding did the public purse receive in terms of additional capital coming back?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay, thank you. How were decisions taken regarding the strategy for the investments held in the final year of the fund ahead of its winding up?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Thank you—[Laughter.] That at just over £4.5 million, compared with the auditor general's figure of £3.9 million. Why are there these differences, and other differences, showing?
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
Okay, well thanks very much all four of you for that. As you'd expect, we have a number of questions shared between Members. I'd be grateful if both Members and yourselves could be as succinct as possible to enable us to cover the wide range of issues we seek…
27 Medi 2023 , Public Accounts and Public Administration Committee
Cronfa Fuddsoddi Gwyddorau Bywyd Cymru
And Mr Hunter.
