We move on to item 4 on the agenda, which is a statement by the Cabinet Secretary for Economy and Infrastructure on the development bank of Wales. Ken Skates.

Thank you, Deputy Presiding Officer. I am pleased to announce that my officials have received a business plan for the development bank of Wales, which remains on target for its launch in the first half of next year, subject to regulatory approval. The bank will be headquartered in north Wales, and its key priority is to help micro to medium businesses in Wales access finance more easily, and specifically to address funding gaps where market failure exists. Working alongside other financial providers, the development bank of Wales will maximise private sector leverage. Working alongside Business Wales, the bank will provide a range of support services and management advice. Better funding, better support will make for better business. Finance Wales have consulted widely with key stakeholders to ensure their business plan takes account of the financial issues businesses faces, and to identify appropriate solutions.

I am particularly pleased that they have developed a close working relationship with the Office of National Statistics in Newport, and will also be engaging with academia. They are creating an intelligence unit to track the range of financial issues that businesses in Wales face from time to time, and identify how these could be best addressed for the benefit of the Welsh economy. This intelligence unit will develop into a strategic research function, generating a range of innovative new solutions from co-investment funds to tailored industry-specific funds. In this way, the bank will help individual businesses to grow turnover and jobs, while collectively helping to grow the economy of Wales.

The development bank will increase funding support to Welsh businesses, with a target to provide more than £1 billion of investment support over the next five years. I say ‘more than’ because I want the development bank to be ambitious and to explore innovative ways to improve private sector leverage. The bank will create and safeguard over 5,500 jobs per year by 2022. The bank is tasked with increasing direct investment levels to £80 million per year. I am also challenging the bank to continuously improve its value for money, and to work towards ambitious private sector leverage to reduce cost per job. It will work closely with Business Wales to ensure that funding support comes with the necessary leadership, mentoring and training support to help entrepreneurial and growing businesses be successful. I am challenging the bank to improve the simplicity and accessibility of its digital platform. I am keen to see it work with Business Wales to create a single point of access gateway and increase the number of businesses that receive advice from Welsh Government from the current level of 30,000 per year.

The bank will be able to support programmes across a number of portfolios, including those that fall under my esteemed colleague Carl Sargeant Assembly Member, the Cabinet Secretary for Communities and Children. It will continue to work with colleagues in housing on the successful Help to Buy—Wales scheme, and deliver our £290 million investment in a second phase to support the construction of over 6,000 new homes by 2021. The extension of the Help to Buy—Wales scheme has been widely welcomed by aspiring home owners and house builders alike. The extension will also help the Government to meet its manifesto commitment to make an additional 20,000 affordable homes available across Wales. Plus, there is also the new £136 million Wales business fund that I announced back in September. This fund, jointly backed by the Welsh Government and the European Union, will be a mainstay of the bank, as it will offer flexible funding solutions to hundreds of Welsh SMEs over the next seven years.

The development bank will seek to strengthen and grow the financial ecosystem in Wales. It will not seek to crowd out or compete with other financial providers, but rather work with them to support their funding for businesses. It will work alongside business and banks, providing top-up finance where necessary. The credit crunch saw widespread failure in the financial markets across the world and caused the deepest global recession in a generation.

Today, in Wales, the financial markets have been slowly but steadily reopening to support our recovery, but market failure still exists in areas like micro and small businesses, in start-up companies and in entrepreneurial businesses where the business model is not proven. The development bank recognises how difficult equity finance remains for small and medium-sized businesses. The bank will host an angel investor network across Wales and encourage equity investment in growing Welsh businesses through a joint angel co-investment fund. As medium-sized businesses plan to grow, the bank will facilitate links to larger equity houses in London. It will also help Welsh businesses access crowdfunding and other innovative sources of funding.

As the economy continues to recover, we expect the nature and scale of market failure to alter and I’m pleased to see that the bank will monitor market conditions and changing business needs, responding accordingly with new products and new approaches. As a not-for-profit organisation, I expect the bank to have an affinity with mutual and social enterprises, including support for co-ops, employee buy-outs and credit unions. I am asking the bank to shadow the National Infrastructure Commission and to explore opportunities for partnership.

As the development bank makes private finance more readily available, the need for Government grant support will diminish. By providing funding support through the development bank and maximising private finance leverage, the development bank will help to dramatically improve value for money for Welsh Government and Welsh taxpayers. I believe the development bank will become a strong Welsh brand, providing positive funding support where it is most needed to maximise the beneficial effect for the Welsh economy. I am now asking my officials to engage with all key stakeholders across Wales to ensure that the new business plan for the development bank of Wales fully meets the needs of businesses and helps each to realise its potential.

The development bank of Wales is a clear signal of the strategic approach we are taking to deliver a Wales that is more prosperous and secure. It is an example of how we are enabling the conditions needed to allow businesses to thrive and to create and retain high-quality jobs. The progress we are making shows how we want to focus our interventions on delivering greater financial security for businesses so that they can build growth and prosperity for all.

I very much welcome this update from the Cabinet Secretary and the advance copy of his statement. It’s 30 years since Wales lost its only independent banking institution at the time, the Commercial Bank of Wales, and I think we’ve suffered as a result of that glaring gap in our institutional architecture as an economy. I think the question that has to be posed now is: are we going to grasp this opportunity fully, because we’ve been here before? Finance Wales itself, of course, was created in 2000 as a quasi-bank and, as it turned out, it was more quasi than a bank. And we’ve seen other efforts, haven’t we: the Green Investment Bank, the British Business Bank, the Scottish Investment Bank, which is effectively a publicly capitalised fund run by Scottish Enterprise, not a true bank in the colloquial or the technical sense that we understand it.

So I think that’s the standard that we have to hold this new institution to, and it’s in that regard, really, that I’d like to have a sense from the Cabinet Secretary of what his ambition is, how high his ambitions are for this bank, and what breadth and scope he sees for it developing the kind of innovation that he’s referred to in the years ahead. Will it be involved in things like the loan guarantees that are being offered through the Scottish growth fund, export guarantees, which are crucially important as we enter these choppy post-Brexit waters? He’s talked about leverage. Of course, one of the best forms of leverage that any bank will know is, of course, fractional reserve banking, becoming a deposit-taking institution, whether those are deposits as in some public banks, which are actually from the public sector—we’ll be having our own tax receipts soon, what could we do with those, used judiciously—or it becomes a deposit-taking institution from its business clients. So, is there the ability for this bank to develop in that direction?

And there are a few things, of course, that maybe the access to finance review suggested that the bank shouldn’t do and it appears it may well still go ahead and do: the reference to actually running funds, managing funds, in England. Does that actually lead to it losing its focus on its principal public policy goal? Can the Cabinet Secretary confirm that there are plans by Finance Wales and therefore, presumably, the development bank, to run five or six funds in England? Venture capital funds, as well, was another area where the access to finance review suggested that, actually, as with the life sciences fund, that would be better outsourced to specialist venture capital funds rather than done in-house by Finance Wales. Is that the model that will be developed by the development bank? Finally, so that we can have these necessary debates in greater detail than we are able to do now, could we please see a copy of the business plan, so that we can have proper scrutiny on these and many other issues?

Just finally finally, I welcome the fact that this important new national institution is not going to be based here in Cardiff but actually in north Wales. Plaid Cymru has previously referred to Wrexham as the financial capital of Wales. I’m sure he’d agree with that. But can we just have some numbers as well in terms of the number of people who will be based in the headquarters? And is this—. As we’re talking about new institutions—the Welsh revenue authority, why not put that in north Wales as well, and actually build up, both on the commercial funding side, but also on the fiscal side, some real expertise and build up a regional capital for Wales in the north?

Can I thank the Member for his questions and say I would agree with him on many of the points that he’s made about the need to ensure that we do decentralise where we can and share opportunities right across Wales. I’d be more than happy to discuss with my colleague, the Cabinet Secretary for Finance and Local Government, the idea of also ensuring the Welsh revenue authority is located away from the capital, potentially in north Wales, potentially in Wrexham.

In terms of the move to Wrexham, we are looking at two business case options concerning the headquartering of the bank in north Wales, although only one offers a suggestion of the likely cost. That stands at £5 million. But I do think it’s absolutely essential that we do consider all opportunities for, as I say, decentralising not just national institutions but a lot of the wealth-creating activity within our gift. The preferred option to consolidate officers and certain functions in north-east Wales has not yet been costed at this time, but it is something that officials will be evaluating once further data are available, and officials need to see that detailed analysis and the costings of that particular option before any conclusions or recommendations, of course, could be brought to me in the new year.

In terms of the other points that the Member makes, it is 30 years since the loss of the last Welsh commercial bank, and time has moved swiftly. But, since devolution, I think it’s fair to say that we are soon to be banking and building as never before since 1999 and I very much welcome the Member’s positive contribution to today’s debate. As a background, the origins of the development bank for Wales do come from the task and finish group and also two committee reports from the previous Assembly. In terms of ambition, it’s my ambition for the development bank to identify and to address any and every barrier that a micro, small or medium-sized enterprise faces in drawing down the necessary finance to grow and to create jobs. I’ve already set certain targets, including that of raising at least £1 billion over the next five years, but there will be annual remit letters, so we’ll set specific targets and ambitions and there will be regular monitoring and evaluation sessions built into each financial year.

In terms of operating in England and the plans for managing funds outside of Wales, I do recognise that this is something of a controversial issue, but the extent of this activity that has taken place and will take place is strictly limited, and does not detract, I think it is important to say—does not and should not detract—from Welsh businesses or the support that is available. Indeed, I believe that there is a maximum cap on the amount of income that can be raised through activities outside of Wales, currently set, I believe, at 10 per cent, and I would wish to see a cap maintained. I do think that activity outside of Wales is a sign of, currently, Finance Wales’s, and, in future, the development bank of Wales’s, professionalism, and does demonstrate as well that they’re able to compete effectively for contracts outside of Wales. It’s also important that staff within the development bank of Wales go on constantly improving in terms of skills and knowledge, and, again, experiencing activity across the border can help in this regard.

In terms of the question that concerned the outsourcing of venture capital funds, when Welsh Government sought competitive bids from fund management services, there were instances where there were no other bidders except for Finance Wales. I think the Member is aware of this. And the development bank for Wales business case states that investment management and support services for Welsh Government would be agreed on a case-by-case basis, depending on individual project requirements. In terms of that business plan that I refer to, the Member has raised this question in the past and I’m pleased to say that I will commit to publish the business plan once it’s ready. At the moment, it’s still in the draft, and we are continuing to take account of feedback from interested stakeholders, but I can commit today to publishing it.

Deputy Presiding Officer, the Cabinet Secretary has said that the development bank will be launched in the first half of the new year, but I do think it is a bit disappointing that the Cabinet Secretary has provided very little in the statement today in terms of the business case for the hybrid model of the development bank to allow for scrutiny today from Members of the Assembly. I am pleased with the Cabinet Secretary’s commitment that he will provide a business case to Members. Perhaps if you could let us know when you expect that to be, that would be helpful today.

In a sense, to me, all that has been announced today, it would seem—. It seems to me that it is a cosmetic rebranding exercise, and the inclusion of the administration of the help to buy function, which is already exercised by Finance Wales, I think lends weight to that point. I do have a few questions, Deputy Presiding Officer. I’d be grateful if the Cabinet Secretary could set out why he chose to opt for this hybrid model explicitly, going against the task and finish group’s recommendations, which did not want to see Finance Wales evolve into a development bank. Finance Wales recently mooted that business support would be part of the development bank’s remit, but that doesn’t seem to be the tone of your statement today. What will happen if Business Wales eventually becomes part of the development bank? I’d be grateful for your views and some clarity around that.

Have you ruled out the Scottish Government’s lead in providing funding in the form of flexible loan guarantees without requiring collateral? This could, of course, support some of the most innovative small businesses in Wales that have the greatest potential for significant growth, but do not have, of course, the assets to borrow against.

You’ve also said that the bank will not compete against other private sector lenders, but instead provide top-up finance to address market failure, and provide funding to those SMEs who would not otherwise have it. How will you ensure that the development bank is not seen as a lender of last resort, and will leverage private sector funding? And is it your expectation that the bank will ultimately be self-financing, and, if so, what assessment have you made of the implications of this on the rates of interest required to turn a profit?

I also welcome, like Adam Price, the decision to locate the development bank outside of the capital city. That’s very much welcomed by me, as well. Will current Finance Wales staff move location, and, if they will, is there a cost implication to that and what is that cost? What consideration did you give to a model that would see small and medium-sized businesses have the opportunity to access finance locally, via a system of geographical accountable regional investment banks that would bring finance closer to businesses in different parts of Wales? Finally, could you expand on how you see the development bank’s relationship with the national infrastructure commission?

I’d like to thank the Member for his questions and, again, his broad support for what we have presented today to the Assembly. I’m also pleased that the Member recognises that the business case will be published. I would hope to be able to be in a position to publish that early in the new year. Again, it is conditional on receiving the feedback from interested stakeholders and taking account fully of that feedback, so that the business plan can move beyond the draft form.

I do not believe that it is simply a cosmetic rebrand of Finance Wales, because, in essence, the development of the bank of Wales actually reflects two committee reports, the first from 2014. The then Finance Committee published its report on Finance Wales, stating that it found that Finance Wales, on the whole, was making a positive contribution to the Welsh economy and that what was needed was a clarification of their role and remit rather than a full-scale overhaul. And then, in 2015, the then Enterprise and Business Committee and also the Finance Committee both stressed the importance of building on the expertise and experience of Finance Wales as the basis for the development bank model. So, I think what we are presenting fully reflects what committees in this national institution were calling for, but, at the same time, sets out ambitious targets for increasing the availability and improving the access to finance for small, medium and micro-sized businesses.

In terms of the question of flexible funds, perhaps it would be beneficial if I were to outline where we currently are with the development of the Wales flexible investment fund, which is an area that I know the Member is very interested in. My officials are developing that new fund with Finance Wales, and, subject to the Cabinet Secretary for Finance and Local Government’s agreement, the fund size could be £77.75 million, with an aspiration to ultimately reach a total of £100 million. The intention would be to launch that particular fund by March of next year.

We will be, of course, challenging the development bank of Wales to lever in additional private finance, and this will be set out each year in the remit letter, with targets that should be reached. Over the course of each financial year, there will be, as I said earlier, monitoring of the performance of the development bank of Wales to ensure that they’re using every lever at their disposal to increase the degree of private finance that they attract and to ensure that that is being utilised to best effect by business customers.

I think the Member raised the question of interest rates and the cost of finance. It is worth outlining, I think, that Finance Wales’s annual interest rates range from 4 per cent to 12 per cent. I recognise that an often quoted criticism of Finance Wales is that it’s been too expensive to borrow, but that’s not correct, given the evidence that is available to us now. In fact, in 2014, the Welsh Government commissioned an independent review of interest rates chartered by Finance Wales and it found that more than 70 per cent of businesses were charged below market rates, and 6 per cent were judged to be at the market rate: an overwhelming majority, therefore, borrowing at or below market rates. This I would expect to continue into the development of the new bank, and I would expect businesses of all sizes to be able to realise those lower cost forms of finance.

In terms of staff—and, again, I’d very much thank the Member for the support that he shows for establishing the development bank of Wales in the north of Wales. In terms of the staff that will be moving there, as I outlined to Adam Price, there are two proposals that have been presented. One comes with a cost—an estimated cost of £5 million; the other doesn’t yet come with an estimated cost, but we will be scrutinising that second option as soon as more detail is available to us. In terms of regional investment banks, this would, I believe, take longer to establish, but I do think that there will be a role and a duty on the development bank of Wales to be relevant and to be accessible in all communities across Wales. So, it will be absolutely vital that they work together with Business Wales to promote the opportunities and the activities that they are engaged in.

I welcome the statement today. Could the Cabinet Secretary tell us how he plans to expand the skill set—the pool of people who are available to work in the development bank and build it up? Because, obviously, it is difficult to attract people who have knowledge and skills of the financial sector, where London is so dominant. I am very pleased that Finance Wales is underpinning the development bank, because of its positive record of achievement. And would he agree that the fact that it has actually provided services in the north-east and the north-west of England is really a tribute to the skills of Finance Wales and, really, a feather in their cap? I was on the Finance Committee that he’s referred to in his statement today that did look at Finance Wales, and we certainly did come up with the recommendation that Finance Wales should have its remit clarified and it should be allowed to develop. So, I think this is absolutely the right way to go. I wondered if he could give us his views about how we can expand the number of people here in Wales who are able to contribute to this development.

I also welcome very much the fact that the development bank will look at innovative ways of funding. I think he referred to crowd funding and other innovative ways of funding. I don’t know whether he can expand on that at all—how they will help small businesses to do that. I also particularly support the support that’s going to be offered for co-ops and for credit unions. I don’t know whether he could expand on that.

I’d like to thank Julie Morgan for her questions. I’ll be as brief as I can in answering them. First of all, with regard to crowdfunding, there is an estimate that crowdfunded finance will grow by a huge amount by the end of this decade. The problem that we face is that not all businesses, and indeed not all third-sector organisations, are aware of the potential or how to go about attracting crowdfunded resources. There will be a role here not just for the development bank of Wales, but also potentially for Business Wales, and also, I think it’s fair to say, for the Wales Co-operative Centre, who have already been able to provide sound advice to many third-sector organisations on the potential of crowdfunding.

In terms of activities in England, I’d again agree with the Member and say that I think it demonstrates the success of Finance Wales that they’ve been able to secure contracts across the border. I think it’s essential, in growing the skills base of staff within the development bank, that they should be able to access opportunities across the border and learn from the best. The Member is absolutely right: we are far away from London, but I would expect the development bank of Wales to be able to make contacts and to be able to establish relationships with financial houses in London that could then be utilised to support Welsh micro, small and medium-sized businesses. In terms of expanding the skills base, at the moment the Member will be aware that Finance Wales has new non-executive directors, a new chair and a new chief executive. I can also inform the Member that Finance Wales also propose to undertake a review early in the new year to identify the optimum capital and corporate structure.

Firstly, Cabinet Secretary, can I confirm that my party wholeheartedly believes in the concept of a Wales development bank? That said, we believe that its remit must be specific and designed to deliver its primary objective, which is supplying funds to the small business sector, where they cannot access funds without the direct intervention of the WDB. Having read the feasibility study, which is of course a comprehensive report, I'm a little dismayed at its recommendations. It appears to promulgate the idea that the development bank of Wales should be a lender of last resort, rather than one of first resource. And would he not agree that the report specifies the use of private capital leverage, such as high-street banks, investment institutions, angel funding, loan guarantee schemes and a plethora of other lending options, with the bank only being a provider where there’s a proven gap in the lending structure? In other words, borrowers must jump through a substantial number of troops before even being considered by the direct development bank loan or, indeed, any form of direct intervention by the bank.

Does he not agree that the report seems to suggest that the bank is nothing more than a signposting institution, merely pointing potential borrowers to other lending institutions? It appears that the very businesses, start-ups, microfirms, SMEs and even medium-sized firms that the bank is to be set up to help will have to explore a plethora of alternative lenders before they are able to access funds from the development bank itself, rather than that which is desperately needed: a streamlined application process giving direct access to funds. Surely, this is what the bank is supposed to be set up to do, to be the first and direct lender to these small businesses. The whole reason and raison d’être for this bank is the fact that, obviously, small business cannot access funds from normal commercial banks.

We in this party, I can assure you, would never condemn this Government for taking risks with lending to other businesses, and if there is a consequence, as some of those businesses that sometime in the future will actually not develop or not grow in the way that is anticipated by the Government, we will not condemn this Government for doing that, or the bank itself. Thank you.

Can I thank the Member for his questions and say that the remit will be clear? It’s not the lender of last resort, but this is an institution that will be addressing market failure and gaps where they are known to exist, and I think that that is already reflected. The fact that interest rates are lower than many actually believe they are already reflects the fact that it is addressing market failure, rather than charging high rates as a lender of last resort. But this work will go on, and there will be, as I say, an annual remit letter that is going to be set for them, with high expectations of being able to invest in small, micro and medium-sized businesses. But it's going to be more than just a signposting body, as the Member fears it might be. And let me outline why, principally based on two accusations. First of all—and the Member actually covered one—the accusation that Finance Wales is too risk averse. Well, the fact of the matter is that the development bank will be operating in a market segment where it will be taking more of a risk than Finance Wales, and this is a key issue that officials are looking at as part of the business plan evaluation. It’s often an accusation that’s levelled at Finance Wales, and it’s one that we’re acutely aware of, but the development bank will operate where the private sector will not intervene at all, or where there is an undersupply of finance in the marketplace. Its primary purpose will be to remedy market failure. As such, the development bank will need to price its investments at a level that is commensurate with the risks that it takes, of course, and in areas where the private sector largely does not operate. That said, the interest rates will of course remain competitive.

In terms of the accusation that is levelled against Finance Wales, that it competes against the private sector, well, the development bank of Wales will not be competing with the private sector; instead, it will be seeking to work closely with market providers and complement and supplement where there is a degree of market failure at present, as I’ve said. And this is because its primary role is to fill the funding gap created when the risk appetite of the private-sector funders cannot meet the needs of finance-seeking small businesses. It will therefore, I think it’s fair to say, purposely aim to avoid crowding out the private sector, and will work with early-stage business start-ups where the market cannot assume the financing risk.

I welcome the statement by the Cabinet Secretary, and in particular his comments about filling the market gap, if you like, in relation to the availability of finance for certain parts of the sector. In addition to small businesses, of course, medium-sized businesses have particular needs, and one of the issues has been incentivising owner-managers not to exit their companies early in the life cycle of the business. Will he give particular thought, in the remit of the development back, to encouraging it to provide patient capital solutions for some of those businesses, which would incentivise retaining their equity over the lifetime of the company, rather than bringing forward the point at which they sell?

I thank Jeremy Miles for his question. Actually, the idea of the patient capital is an excellent one, and it could well form part of the remit of the development bank of Wales alongside other Welsh Government manifesto pledges, principally one that concerns the growth of Welsh indigenous medium-sized enterprises to become businesses that have true global potential. I think that between the support that the development bank of Wales could give and the support that Welsh Government can give via Business Wales in terms of support, advice and de-risking the growth and, in particular, de-risking the recruitment of additional staff, we will be able to grow more medium-sized enterprises in Wales to become large scale and global in their operations.

Cabinet Secretary, in your statement you say you’re keen to see the development bank work with Business Wales to create a single point of access gateway. Can I stress the absolute importance of the development bank working constructively, proactively and effectively with Business Wales, and additionally for the development bank and its functions to be accessible to microbusinesses? Finally, it would obviously be remiss of me not to welcome the development bank being headquartered in north Wales, and whilst I’d expect the bank to serve business the length and breadth of the country, I hope that the location of the bank will enable new employment opportunities in the area itself.

Can I thank Hannah Blythyn for her questions? With regard to the interface with Business Wales, it’s going to be absolutely essential that the development bank of Wales and Business Wales work closely together to ensure that there is the appropriate support, advice and guidance given by the respective bodies.

Deputy Presiding Officer, I am looking to establish a rapid response working group of senior Business Wales officials, and Finance Wales, to develop this area further and to define a detailed approach in terms of support for microbusinesses. The Member is absolutely right, and I am aware of many microbusinesses in the constituency of Delyn. Professor Dylan Jones-Evans himself believes that the development bank should provide greater levels of investment for small businesses and microbusinesses, and I would agree entirely. To back this up, I can confirm that Welsh Government has published an allocation within the draft budget of £46 million for the development bank of Wales, which will include additional funding for the Wales microbusiness loan fund. I am pleased that we are going to see an institution such as this headquarter in north Wales, and I am confident that, as the regional capital for finance—as Adam Price identified, Wrexham—grows, so too will opportunities for people to be employed in this enormously important sector.

And finally, Nick Ramsay.

Thank you, Deputy Presiding Officer. Cabinet Secretary, can I thank you for your statement this afternoon? A quick question from me: what are you doing to localise the new development bank? I understand your reasoning for locating it in north Wales. We welcome that, and other Members have done so. But part of the criticism of Finance Wales has always been its lack of a local presence in towns and cities across Wales. That was part of the reason why, a few years ago, we brought forward our plan for ‘Invest Wales’, which was designed to have more of a high-street presence, if you like—certainly a local presence. So, how will it be made to feel like a bank for all of Wales, not just north and south, but also for high streets up and down the nation?

I’d like to thank Nick Ramsay for his question. He makes a very important point, not least because I know Members across the Chamber are grappling at the moment with high-street banks that are looking at closing branches on their high streets and town centres. But we must also reflect on the fact that more activity is being undertaken online. For that reason, I’ve tasked Finance Wales with reporting on how it will improve the digital gateway and digital services as it evolves into the development bank for Wales. I think it’s absolutely essential that the development bank for Wales is seen as a facility and an institution that will be able to support every community in the north, south, east, west, and in between, and that it is relevant to every business’s operations.

Again, it will be built within the remit letter to prove where its investments are being made and I would expect, through demonstrating where those investments are being made, that we will be able to ascertain its relevance to all parts of the country. If gaps emerge, then we would expect the development bank for Wales to then address them.

Thank you very much, Cabinet Secretary.