Diolch, acting Presiding Officer. I have to say, Cabinet Secretary, I am disappointed that we’re yet to see the detail that will allow the National Assembly to scrutinise the development bank’s business plan. Of course, Members must be able to ensure that businesses are fully supported through the proposals and that the failings of Finance Wales are fully addressed. So, I would be grateful, Cabinet Secretary, if you could set out when you intend to publish the long-awaited business plan for the development bank.

In a written question to you in May, you responded that the final business plan would be submitted for approval by the Welsh Government ‘very shortly’. Has that now happened, and, if not, why has this process been subject to such a delay?

You also stated your intention for the development bank to increase direct lending to businesses, compared to what Finance Wales currently lends. Now, last week, in the Economy, Infrastructure and Skills Committee, you said that the development bank

‘will be tasked with increasing investment levels from about £50 million…up to £80 million within five years.’

Can you just provide some clarification on where these additional funds are going to come from?

Also, Finance Wales has been unable to borrow funds as any borrowing would have to appear on the Welsh Government's balance sheet. Now, we know, from the recent experience of Circuit of Wales, that the same is true of guarantees. So, therefore, given the absence of a business plan, which would have no doubt resolved this question, I would appreciate clarification as to whether the development bank will be able to provide guarantees or borrow money itself.

Turning to the commercial function of the bank, can you confirm you expect the bank to support SMEs in Wales with lending rates of between 4 and 12 per cent, and outline why you believe the proposed ratio of public-private financing to support Welsh SMEs is the optimum ratio to promote business growth, manage risk, and ensure taxpayer value? Are you also confident that the proposed hybrid model for the bank will prove adequate in addressing SME market failure and ensuring a significant increase in the provision of new capital to Welsh SMEs and address the funding gap?

Turning to the future of the bank, can you also outline how the Welsh Government’s ongoing work with the industrial strategy has influenced the creation of the bank’s latest plan, and what steps have you taken to date to ensure that the bank will be equipped with the commercial expertise necessary to ensure its proper future development?

Finally, turning to the location of the bank—I’ve heard what you’ve said today—how many members of the bank’s executive team do you expect to be based full time in the north Wales head office? What is your assessment of the number of full-time finance Wales staff who will relocate to north Wales following the launch of the development bank? And are you confident that the bank’s remit consists of a genuine commitment to relocating the administrative functions out of Cardiff and to bring finance close to other regions of Wales?