, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay. Thank you. Can I bring in Adam Price, please?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay. Mike.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Thank you. I was just going to comment that, when I worked in commercial lending, I engaged with clients, generated proposals. The underwriters then said 'yes' or 'no', but then a further team then monitored continuously the investment—of course, based on…
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
When I worked in commercial—
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Can I bring in Rhianon Passmore before Mike comes back in?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Can I just bring in Natasha Asghar?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Thank you. Mike Hedges.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay, thank you.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Thank you. I'm not sure—. Correct me if I'm wrong, but I didn't hear an answer to the question on what ongoing costs are associated with holding the four investments.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Thank you. I'll bring in Rhianon Passmore.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay, thank you. I’ll bring in Natasha Asghar.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Thank you. Following questions raised in Plenary in the Chamber in July, why did it take five months to update the Senedd on the closure of the fund?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
—and HMT is His Majesty's Treasury, formerly Her Majesty's Treasury. Natasha.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Again, actually, just for the record, perhaps I should say, the ONS is the Office for National Statistics—
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
So, if, dependent upon ONS and HMT, this is reclassified, that will then be the figure you anticipate showing in Welsh Government accounts.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
All right. And within the bank, what is the figure that you're currently showing?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Thank you. I'll bring you in in a second. Building on, I think, the first part of Mike's question, what, if any, hit did the Welsh Government itself take financially, either directly or in terms of the repayment to the Treasury, or what—
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay, thank you. How would you clarify the distinction between the financial transactions capital element of the Welsh Government's commitment to the fund—£42.4 million—and the non-repayable public equity element—the £7.6 million—and what, if anything, has…
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay, thank you. Beyond that, no further capital has come back or is anticipated to come back.
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
And those various proceeds that you refer to—do you have a rough idea of how much they collectively come to?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay, thank you. Well, excepting liquidation of any individual investments, how much, if any, funding did the public purse receive in terms of additional capital coming back?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay, thank you. How were decisions taken regarding the strategy for the investments held in the final year of the fund ahead of its winding up?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Thank you—[Laughter.] That at just over £4.5 million, compared with the auditor general's figure of £3.9 million. Why are there these differences, and other differences, showing?
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
Okay, well thanks very much all four of you for that. As you'd expect, we have a number of questions shared between Members. I'd be grateful if both Members and yourselves could be as succinct as possible to enable us to cover the wide range of issues we seek…
, Public Accounts and Public Administration Committee
Life Sciences Investment Fund
And Mr Hunter.
