, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
You mentioned the Welsh Development Agency. Is there a sense that, in abolishing the WDA, the Welsh Government wanted to infuse the Welsh public sector and the Welsh Government, which was growing at the time, with this entrepreneurial sense of business…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
I'm not sure I understand the difference between backing and picking, but let me just say this, because we are running short of time—
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Is it a sense of that culture inhibiting investment in—
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Well, we know, because we've got opposition parties who do that every week.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
I know, but not leaping on people's backs who have failed.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Okay. We're coming to the end of our time here. Is there also an issue with culture? You've been in and around the economic development field for, I think, longer than 25 years, I'm afraid—a considerable period of time—is there an issue with culture here in…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Of course, but part of the reason you're here is to answer those questions, Dylan. You said it's unique; I've heard enough Ministers tell me that this is the only place were this happens in the world, and I ask why. I don't want to be unique. Sometimes, I…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
I'm interested in the example you quote. You touched briefly in an earlier answer, Dylan, on the structure and the role of different elements of the wider public sector. Do you think that the way that the development bank is developing itself means that there…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
It's not unique. Wales has always been in the situation whereby one part of the public sector is being funded to fight against another part of the public sector. But it's never good.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
I agree with you that £2 billion isn't a great deal of firepower. So, just for clarity and for the record, the major issues you were referring to in earlier questions are the statutory basis—or non-statutory basis—of the bank, and the size of the fund…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
I'm sure it could be within devolved competence. It depends how the legislation is worded. But tell us what you think.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Diolch. Tegid, you've said in answer to a number of questions that there are major issues, or wider issues, you wished to discuss with the committee this morning. I was wondering if you could outline what those are, and whether the committee's covered them in…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Well, this committee, I'm sure, and others would be very content to investigate it, but it has to have a basis upon which to establish that investigation. And if you wish to write confidentially to the committee, I'm sure that the committee clerks will treat…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Evidence. And it cannot base any conclusions on assertions.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
—and it is difficult for a committee of this sort to take that evidence at face value, unless you can, in any way, demonstrate the veracity of it. And without being able to demonstrate the veracity of it, then, as you say, every story has two…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Sure. I get that. But we're not having a conversation in the City Arms, you're giving evidence on the record to a parliamentary committee—
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
From our point of view, that's very unsatisfactory evidence.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
See if you can do it next week. [Laughter.] And if I could be copied into that correspondence, I'd be grateful.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Dylan said, in answer to that question, that it needs to get its current functions right before doing other things. Perhaps it would be useful if Dylan wrote to the committee, sketching out what the development bank is getting wrong in its current functions…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Thank you.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
But my question was a lot more direct than that. I understand all of that. My question was: is, potentially, the financial structure of the development bank inhibiting its appetite for risk and its appetite to address the market failure that exists in the…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Yes, I get all of that. I get all of that.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
I was interested in the point that you made, Dylan, about the greatest area of market failure about microbusinesses, small businesses, new businesses, and the proportion of overall funding going to address that market failure, and then the financial model…
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
Well, I'm asking you what is your view.
, Economy, Trade, and Rural Affairs Committee
Development Bank of Wales inquiry: Panel 1 - Welsh Perspective
So, there needs to be more co-operation, or am I—?
