The Scottish National Investment Bank (SNIB), a publicly-owned entity established to support economic growth and transition to net-zero, has announced a net loss of £138 million. This financial result follows a difficult year for the bank’s portfolio, which saw several of its investee companies enter administration or collapse.

While the bank operates with independence from the Scottish government, the scale of the loss has drawn attention to its investment strategy and risk management processes. The bank’s leadership has characterized the financial performance as "painful," acknowledging the impact of the market volatility and the specific failures of the firms involved. The SNIB was launched in 2020 with a mandate to provide long-term capital to businesses that align with Scotland's strategic goals, such as innovation and environmental sustainability. Critics and observers are now questioning how these investments were vetted and whether the bank’s mandate requires a recalibration in light of these significant losses. The bank maintains that its mission remains vital for the Scottish economy, despite the current setback in its balance sheet.