Meetings

Gareth Bullock, Chair, Finance Wales

Robert Hunter, Director of Strategy, Finance Wales

Michael Owen, Group Investment Director, Finance Wales

Paper 1 – Finance Wales update

Research brief

3.1 The Committee took evidence from Gareth Bullock, Chair, Robert Hunter, Director of Strategy, and Michael Owen, Group Investment Director, Finance Wales.

5.1 The Committee considered the evidence received.

Paper 2 – Finance Wales – follow up

Paper 3 – Letter to the Chair of Finance Committee from Kevin O’Leary, Interim Chief Executive, Finance Wales

8.1 The Committee considered the issue and agreed to write to the Minister for Economy, Science and Transport.

8.1 The Committee considered the evidenced received and agreed to return to the matter at a future meeting.

Professor Dylan Jones-Evans

Robert Lloyd Griffiths

Paper 3 – Letter from the Minister for Economy, Science and Transport

Research brief

Finance Committee’s Report on Finance Wales – May 2014

4.1 The Committee took evidence from Professor Dylan Jones-Evans,

Robert Lloyd Griffiths and Rob Hunter, Welsh Government.

NDM5558 Jocelyn Davies (South Wales East)

To propose that the National Assembly for Wales:

Notes the report of the Finance Committee on its inquiry into Finance Wales, which was laid in the Table Office on 30 May 2014.

Note: The Welsh Government's response to the report was laid in the Table Office on 9 July 2014.

Supporting Documents

Finance Committee’s Report

Welsh Government’s Response

The item started at 17.48

NDM5558 Jocelyn Davies (South Wales East)

To propose that the National Assembly for Wales:

Notes the report of the Finance Committee on its inquiry into Finance Wales, which was laid in the Table Office on 30 May 2014.

The motion was agreed in accordance with Standing Order 12.36.

FIN(4)-09-14(paper 1)

1.1 Members considered the draft report and agreed to consider further drafts outside of Committee.

8.1 The Committee discussed the evidence received.

FIN(4)-07-14(paper 2)

Research Brief

Edwina Hart AM – Minister for Economy, Science and Transport

Rob Hunter - Director Finance and Performance, Welsh Government

6.1 The Committee took evidence from Edwina Hart AM, Minister for Economy, Science and Transport on the Finance Wales inquiry.

6.2 The Minister for Economy, Science and Transport agreed to send a note on the following issues:

·       Pecentage of businesses referred to Finance Wales from the banking and other professional sectors

·       Terms of reference for the review being undertaken by Robert Lloyd-Griffiths and an update on the work undertaken to date

·       Send a copy of the report on interest rates

·       Statistics of categories of business that have received funding from Finance Wales

·       Schedule listing the funding sources that contribute to Finance Wales and the expected returns

5.1 The Committee discussed the evidence received.

FIN(4)-06-14 (paper 1)

FIN(4)-06-14 (paper 2)

FIN(4)-06-14 (paper 3)

FIN(4)-06-14 (paper 3a)

Research Brief

Finance Wales

Sian Lloyd Jones – Chief Executive

Peter Wright – Strategic Investment Director

Ian Johnson - Chairman of the Finance Wales plc Board

Chris Rowlands – Finance Wales Board Member and Chairman of the Investment Committee

3.1 The Committee took evidence from Sian Lloyd Jones – Chief Executive, Peter Wright – Strategic Investment Director, Ian Johnson - Chairman of the Finance Wales plc Board and Chris Rowlands – Finance Wales Board Member and Chairman of the Investment Committee on the Finance Wales inquiry.

3.2 Finance Wales agreed to send a note advising on the amount of loan write-offs they have had for the last three financial years.

FIN(4)-04-14(paper 2)

FIN(4)-04-14(paper 3)

Research Brief

The Institute of Chartered Accountants in England and Wales (ICAEW)

Peter Umbleja

Grant Thornton UK LLP

Alistair Wardell – Partner / Advisory, Grant Thornton UK LLP

5.1 The Committee took evidence from Peter Umbleja representing the Institute of Chartered Accountants in England and Wales (ICAEW) and Alistair Wardle from Grant Thornton on the Finance Wales inquiry.

Professor John Thornton  - Expert Adviser

1.1 The Committee discussed the inquiry with Professor Thornton.

FIN(4)-04-14 (paper 1)

Research Brief

Federation of Small Business Wales

Iestyn Davies - Head of External Affairs, FSB Wales

4.1. The Committee took evidence from Iestyn Davies and Josh Miles from the Federation of Small Businesses (Wales) on the Finance Wales inquiry.

7.1 The Committee discussed the evidence received.

Access to Finance Review Stage 2 Review (November 2013)

Access to Finance Review Stage 2 Executive Summary (November 2013)

Professor Dylan Jones-Evans - Professor of Entrepreneurship and Strategy at Bristol Business School, University of the West of England

3.1 The Committee took evidence from Professor Jones-Evans on the Finance Wales inquiry.

4.1 Members shared their findings, which had been on the whole positive, from the earlier breakfast event with SME’s who had experience of Finance Wales.

4.2 Members considered possible witnesses for the oral evidence sessions.

FIN(4)-19-13 (paper 1)

5.1 Committee considered and agreed the paper. They also suggested the possibility of having an expert advisor to assist with this inquiry.