I was wondering if the Cabinet Secretary could just help us in explaining the arc of policy development here, because we had a couple of access to finance reviews—they were both over a period of six months—and many of their key recommendations you haven’t followed, and in fact you’ve done the opposite. You, for example, have allowed Finance Wales currently to operate investment funds in England. That was in direct contravention of the recommendation of the review team, and they specifically said that they didn’t feel Finance Wales was the right structure to take the development bank forward as well.

A particular area, venture capital, they touched on a lot. By its nature, it’s very high risk. Some would say it’s almost, in most cases, driven by greed. It doesn’t actually sit alongside a culture such as you would expect in a publicly owned development bank, which is necessarily rule-bound and somewhat more risk averse. Someone who has worked in the City described it to me today as having a motorcycle repair shop in a maternity ward. And the suggestion of the access to finance review was that, actually, that element—we have a significant problem in Wales in accessing venture capital—was effectively outsourced, so working with existing and new venture capital funds. It would be interesting to see, Cabinet Secretary, whether we are going down that route. He touched—I think that Russell George asked about borrowing. In your statement, you referred to learning from international examples—the Business Development Bank of Canada, Finnvera in Finland—those development banks do have the ability to borrow on their own account, so could you say a little bit more about whether the development bank will have that ability?

I was interested in what he said just at the end of his remarks there in terms of being open to future structures, because there are some interesting suggestions. If it’s a self-financing institution that we’re talking about, why not actually create, effectively, an independent public-purpose institution, which either through—I hesitate to suggest a guarantee, Cabinet Secretary, at this stage, or, as Gerry Holtham has suggested, possibly endowing the institution, which is then able to have the freedom to go on and work with possibly a greater sense of agility than would be the case currently?

Finally, just on the headquarters, I’m a little bit worried, Cabinet Secretary—. I loved the front page of ‘The Leader’ today, and it’s great to see new national institutions being created across the length and breadth of Wales, but it has to be real. You know, didn’t RBS pull this trick when they said their headquarters was in Edinburgh but, actually, most of the key decision makers were in London? Can he say more about the number of senior directors who will be based in the headquarters, if it’s not to be just a headquarters in name?