A candidate lined up to take over as chief executive of the Scottish National Investment Bank decided not to accept the £350,000 a year post.

Deputy First Minister John Swinney admitted the setback when addressing a committee of MSPs.

He was quizzed over the delay in replacing Eilidh Mactaggart who quit the bank a year ago, just 14 months into the role.

Prompted for an update on finding a successor to Ms Mactaggart, Mr Swinney told the Economy and Fair Work Committee that a potential candidate had decided not to take up an offer and the process had to be restarted.

“The process has been taken forward… a candidate emerged but then decided not to take the post, I think that’s the fairest way for me to capture that,” he said when questioned by Conservative MSP Jamie Halcro Johnston.

“Sarah Roughead continues to exercise chief executive responsibilities under the leadership of Willie Watt as the chair of the Scottish National Investment Bank, and the bank continues to make the progress that the government envisages. The recruitment process continues to be taken forward.”

Mr Swinney said he would like to see the process completed “as soon as possible but only with the right candidate”, and did not give an estimate of when an appointment would be made.

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