Public consultation process
Please scrutinise all the proposed amendments and replies before commenting or voting. Short comments are most often read and must not exceed 100 words.You can propose an Amendment at the bottom of this page - please read the guidelines .
Note that the original wording appears again first below and sustains the same comment & voting regime as all other amendment proposals.
Section 12.5. Section 12.5. The capital investment funding for new National and Local Government infrastructure projects and fixed capital investment to be obtained directly by application to the Central Bank.
Section 12.5. This proposal indicates a narrow conception of what Scotland's financial institutional structure would look like. Important institutions include a Scottish National Investment Bank and possibly a Sovereign Wealth Fund of some sort. The principle of subsidiarity also means Local Government bodies should have devolved borrowing powers and the ability to issue municipal bonds which could be bought by the SNIB, an SWF or by pension funds (especially local authority pension schemes). In addition local government bodies could apply for direct funding from central government and the central government has a variety of ways to provide that funding from normal fiscal methods to direct monetary financing (DMF). Scotland could also have its own Stock Exchange and this could be where municipal bonds are initially offered and then traded in a secondary municipal bond market.