FIRST Minister Nicola Sturgeon has officially opened Scotland’s first independent safety deposit box service, which is equipped with £1 million of security technology.

Glasgow Vaults has been launched in the city, with space for 10,000 boxes, in response to major banks withdrawing their safety deposit services.

Surveillance technology protecting the boxes includes seismic shock sensors, round-the-clock monitoring and biometric identification.

Speaking at the official opening in Glasgow’s south side, Sturgeon said: “I’m delighted to welcome a new business to my constituency, delivering a new service to my constituents.

“Providing a secure place for valuables is very helpful when high street banks no longer appear to offer this service. I wish Glasgow Vaults well and hope to see the business thrive.”

David Walsh and Seamus Fahy head the business behind the venture, which opened its first site in Dublin, in 2013.

Fahy said Scotland is a “key growth region” for the firm.

He added: “We have already witnessed a strong demand for our service with homeowners and the business community, and our client footprint stretches as far as Aberdeen, where oil and gas workers are keen to keep their valuables safe when working offshore.”

Typical items stored in a safe deposit box include cash, jewellery, family heirlooms, gold bullion and title deeds.