Source · Select Committees · Public Accounts Committee
Recommendation 11
11
Deferred
The Bank told us that, as a result of having insufficient skills and expertise, it...
Conclusion
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
Government Response 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.
Government Response
Deferred
HM Government
Deferred
2.2 The final phase of the Bank’s roll-out will take place during 2023-24 – following the anticipated date of Royal Assent for the UKIB Bill and while the Bank completes its recruitment of its permanent workforce. The Bank will therefore 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. After March 2024, the Bank will provide this information through the ARA process only.