I’m grateful to the Cabinet Secretary for placing that on the record. Following on from the question from Russell George, the Welsh Government, in response to the feasibility study in 2015 on the development bank, said that its preferred approach was one that specifically prescribed a management and organisational structure different to that currently managed by Finance Wales, i.e. not Finance Wales. And yet, speaking at the Cardiff Breakfast Club last week, Giles Thorley, the CEO of Finance Wales, said, ‘Let me let you into a secret; in almost every definition, Finance Wales is already a development bank.’

Since that directly contradicts his own Government’s report and his own Government’s policy, what confidence can we have, in asking Finance Wales to draw up a business plan for a development bank that was meant to replace it, that this isn’t just a very elaborate and expensive rebranding exercise?