10
Conclusion
Thirty-Fourth Report - The Creation of …
Deferred
The Bank’s capacity to make complex and innovative deals is limited by the lack of suitably qualified staff members. The Bank has worked with Treasury to complete recruitment to key senior leadership positions that were not filled at launch. At the time we took evidence in early November 2022 the …
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The Bank’s capacity to make complex and innovative deals is limited by the lack of suitably qualified staff members. The Bank has worked with Treasury to complete recruitment to key senior leadership positions that were not filled at launch. At the time we took evidence in early November 2022 the Bank had 162 employees, of which 16 are permanent, the remainder being contractors or Treasury secondees. This is a shortfall against the Bank’s plan to recruit around 272 permanent employees by September 2023. The Bank reimburses interim staff at day rates. The Bank’s Chief Executive said that recruiting permanent staff is his biggest leadership challenge. The Bank told us that while it has very good temporary staff, “every (permanent) role is competed for” on quality, which is adding time to the recruitment process.26 The Bank added that it would “not compromise quality for speed” and wanted to wait for the right candidates.27
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Government response AI summary
The Bank will provide the requested information to Parliament by the end of September 2023 and in March 2024 in addition to the information on the Bank’s operations which is already provided to Parliament through the Annual Reports and Accounts (ARA) process.
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HM Treasury
11
Conclusion
Thirty-Fourth Report - The Creation of …
Deferred
The Bank told us that, as a result of having insufficient skills and expertise, it has only entered into relatively low risk, more straightforward investment deals, as those are the only deal types it is comfortable delivering with the available staff.28 It currently has a small banking team of 15 …
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The Bank told us that, as a result of having insufficient skills and expertise, it has only entered into relatively low risk, more straightforward investment deals, as those are the only deal types it is comfortable delivering with the available staff.28 It currently has a small banking team of 15 to 18 people which it will need to expand to around 70 before it is capable of delivering more complex, direct equity deals. It expects to start delivering 21 Q 82 22 Committee of Public Accounts, The Sale of the Green Investment Bank, Twenty-Fifth Report of Session 2017–19, HC 468, 14 March 2018 23 Qq 12, 21, 30 24 Qq 21, 22 25 Q 14 26 Q 74 27 Q 66 28 Qq 4, 24 12 The Creation of the UK Infrastructure Bank direct equity deals within the first three months of 2023.29 The Bank is still working to develop its own banking systems to support deals and IT systems, as it is currently reliant on Treasury systems for a range of functions.30 Performance measurement and evaluation
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Government response AI summary
The Bank will provide the requested information to Parliament by the end of September 2023 and in March 2024 in addition to the information already provided through the Annual Reports and Accounts (ARA) process.
Read full response →
HM Treasury