Minister quizzed

Forbes refuses to explain departure of bank chief

Kate Forbes, left, Eilidh Mactaggart

Finance Secretary Kate Forbes yesterday refused to explain the abrupt departure of the woman hired to run Scotland’s £2 billion investment bank.

Ms Forbes told MSPs that the exit of £235,000-a-year Eilidh Mactaggart was “a matter for her and the bank’s board”.

Ms Mactaggart, an experienced City banker, was hired in April 2020 but left her role on Friday without any explanation being offered.

“I recognise that there is significant interest and questions around the chief executive’s resignation due to the seniority of her role and the importance of the SNIB to Scotland’s economy,” Ms Forbes said in response to a question by Scottish Tory finance spokeswoman Liz Smith.

“The reasons for the former chief executive’s resignation are a matter for her and the bank’s board.

“The board have kept ministers up to date with all matters relating to the chief executive and the executive team and board members will continue to provide strong leadership and direction for staff and bank clients.”

Ms Forbes insisted the bank had made “significantly good progress” since its launch in November 2020.

The Finance Secretary added: “I know there is public interest, there is political interest in answers and ensuring that there is transparency.

“I can say, once again, matters related to the former chief executive’s resignation from the bank are very much for the former chief executive and for the bank’s board.”

See also: Mactaggart’s departure should herald SNIB rethink



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