Opposition presses Govt for ‘straight answers’ on cost of Rooke

Sir Joe Bossano, the Minister for Inward Investment and the Gibraltar Savings Bank, told Parliament that £30m remained owed to the bank in connection with the Rooke development, but said he could not confirm whether it would all be repaid until negotiations for a GHA acquisition of the building were completed.

He was responding in Parliament on Wednesday after GSD MP Atrish Sanchez asked how much the Savings Bank had advanced for the development and how much would be repaid when it was acquired by the GHA.

Sir Joe was clear that the outstanding amount owed to the Savings Bank was £30m.

But the exchange became confusing when he mentioned a figure of £90m but did not clarify what it represented, despite repeated questions from the Opposition bench.

Sir Joe initially said the outstanding amount was unchanged from his previous answer and that the “possible purchase” by the GHA was still being finalised.

After Sir Joe referred to £90m, Opposition Leader Keith Azopardi sought to distinguish between the total funding provided and the balance still owed.

“What we're asking is how much money was provided through the Savings Bank for this project,” he said.

Sir Joe maintained that his responsibility was to account for Savings Bank funding awaiting repayment, rather than other financing or the project’s overall expenditure.

He said the cost of the project independently of Savings Bank funding was not relevant to the question he had been asked, adding that the entity negotiating with the Government would not want that figure publicised during negotiations.

“The only thing that is relevant is the figure of £30 million that is due to the Savings Bank,” Sir Joe said.

“When the negotiations that are taking place are over, then the previous owners of the Rooke will decide whether they're able to pay all of it or some of it, which is the part of the question that I cannot answer now.”

But Mr Azopardi pressed him again: “I mean, he can't tell me the entity might not want a figure publicised when he gets up and answers and provides this House with a figure of £90 million for the first time.”

Sir Joe was also challenged by GSD MP Damon Bossino on his recollection of an earlier figure of £38m in 2024 that had been provided by the Government in Parliament when asked about the cost of the building, and had been cited as recently as September this year by Health Minister Gemma Arias Vasquez.

Sir Joe had later referred in 2025 to £35m still outstanding, with a subsequent £5m repayment reducing the balance owed to the Savings Bank to £30m, Parliament heard.

No further money had since been advanced or repaid, Sir Joe said, reiterating that the outstanding balance owed to the Savings Bank was still £30m.

But he gave no further explanation as to what the £90m he had cited referred to.

CALL FOR TRANSPARENCY

In a statement on Thursday, the Opposition said Sir Joe’s answers had failed to establish whether the figure represented the total project cost, cumulative funding advanced over its history or a wider sum incorporating other expenditure.

It called for a full financial statement detailing expenditure, repayments, the entities involved and their outstanding liabilities, alongside publication of an independent valuation and the financial terms of any GHA purchase.

The GSD contrasted the £90m figure with previous figures given by ministers in and out of Parliament.

The Opposition also voiced concern that Sir Joe had been unable to clarify whether the previous owners could repay some or all of the outstanding £30m owed to the bank.

“With funding advanced through the Gibraltar Savings Bank and the GHA negotiating to acquire Rooke, people deserve to know where the money has gone, who is responsible for repaying it and what further commitments are being considered,” Mrs Sanchez said.

“Rooke is intended to care for elderly people in our community.”

“Residents and their families deserve confidence in its future, and the public deserves a full account of its finances.”

The GSD said the independent valuation Mrs Arias-Vasquez had undertaken to seek should also be made public.

“People should not have to keep asking for information that should already be clear,” Mrs Sanchez said.

“The Government owes the public straight answers.”