Use reserves to create investment bank, Greens say

Green candidate Alex Armitage. Photo: Dave Donaldson

A new investment bank could be created, using money from the council’s reserves.

The idea is being developed by Shetland Greens, who wish to see at least 15 per cent of reserves invested locally by the end of the next council term.

It follows an earlier suggestion from the party that an energy company be launched – also using money from the reserve fund.

The party says loans would be made from the Shetland Investment Bank at affordable rates of interest.

The aim is to spark the development of community owned renewable energy projects and support small businesses, helping to diversify Shetland’s local economy.

The party says larger loans from the bank could also part-finance fixed links to Yell, Unst and Whalsay.

The SIC reserve fund and pension fund are together currently valued at well over £1bn, with all of this money currently invested on the international stock market.

Shetland South candidate Alex Armitage said: “The global economy is in upheaval with conflict and is threatened by climate breakdown.

“Many economists are predicting a recession in coming years. We have the opportunity to make more secure investments in Shetland – and that’s exactly what we should be doing with our reserves.”