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Edinburgh's green bank makes loss of £6 million

posted 26 Jun 2013, 08:59 by Tollcross Junction   [ updated 26 Jun 2013, 09:04 ]

The UK Government’s Green Investment Bank made a net loss of more than £6 million in its first ten-and-a-half months of business.

The flagship bank, which is based in the Capital, revealed the £6.2m loss after tax in its first annual report.

It was also revealed that the firm’s part-time chairman, Lord Smith of Kelvin, was paid £102,258 in the same period.

The bank’s chief executive, Shaun Kingbury, was handed pay including pension and benefits of £153,370 for five months’ work.

He will also receive a bonus of £52,000 in 2015 if shareholders approve.