Can I thank the Member for his questions and begin with that very last point, the importance of ensuring that the development bank of Wales is a bank for the whole of Wales? In terms of the headquarters, the number of staff who will be located at the headquarters will amount to 50 within the next two years. We anticipate starting with 20, which will include senior management figures, but a location strategy is being developed at the moment by Finance Wales. That will be available in August and will provide details of the exact roles that will be offered at the headquarters from the outset and the proposals for increasing staff numbers.

It’s been very clear that Finance Wales expects, during the process of evolving into the development bank, not only to have existing staff in north Wales but also to make sure that, as it develops new funds and new opportunities, any additional staff resources are allocated to the new headquarters. But I’m keen to ensure, and I know that Finance Wales are with their business plan—and I’ll come on to the business case, rather, in a second—I know that they are very keen to ensure that all of Wales is given easy access, physical access, to development bank advice and support, and so a piece of work is taking place at the moment with Business Wales looking at how they can ensure that they exploit mutual interests and, potentially, how they could co-locate services, because it’s our view that, regardless of whether you’re an individual trying to start a business or whether you’re an existing businessperson trying to grow a business, you should only have one port of call for the advice and support that you need. Therefore, it makes sense to be able to bring together Business Wales activities with the development bank and, likewise, to ensure that Welsh Government economic development functions as well are well aligned with Business Wales and the development bank.

In terms of the business case, as promised, I have asked Finance Wales to share their business case in a briefing publication that is going to be available this month, I am assured. So, that will be available to Members very soon.

In terms of the hybrid model that the Member raised, of course, the model was developed following two committee reports, the last in 2015, when the then Enterprise and Business Committee, very well chaired by your colleague Nick Ramsay, found that Finance Wales made a sound basis for developing into the development bank and that expertise should not be lost. Therefore, this model is one that is robust.

In terms of the ratio of levering in private investment, we believe that it is achievable—the 1.15:1 ratio is achievable and will contribute to that £1 billion target over five years. In terms of the additional resource that will be available, I’ve already announced today additional resource in the form of two funds, and also the development bank, over the course of its first five years, will be recycling much of the investment, and that in turn will ensure that, through the management fees, it will become a nil-cost operation to the public purse.

Russell George made a very important point about ensuring that there are adequate skills within the development bank from the outset. Now, I think we should all recognise that Finance Wales has undergone quite considerable change and, in terms of expanding its own skills base—it’s already got a good track record, a very successful track record, in attracting top-quality personnel to join its forces. During the past two years it’s acquired and attracted a number of highly experienced individuals, including to the posts of chairman, chief executive, and non-executive directors. And I do believe that, whilst we may be some distance from the centre of financial expertise, which is London, we will be able to tap into London financial houses, and I do believe that the development bank will be able to establish strong links that could be utilised to support Welsh micro, small, and medium-sized businesses.

I think another key development for Finance Wales has been the funds that it’s operated for customers across the border. It’s enabled Finance Wales to develop a strong reputation and to also acquire additional skills. So, I have the confidence in Finance Wales, in becoming the development bank of Wales, to have the experience and the skills and also the prestige to attract the best people in the sector and also to grow those skills from within.

In terms of guarantees, I think it’s an important point to make that—and this is a very significant point that the Member raises—our options for the future of the development bank of Wales will remain open and the purpose of the intelligence unit is to assess current and emerging trends to look at every and any barrier that exists that’s preventing micro, small, and medium-sized enterprises from growing and to devise ways of overcoming those barriers. And so, over the coming years, the development bank’s future could well evolve accordingly.