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?