Third term for Marc Ellul as chair of GFCC, as virus poses ‘severe challenges’ to finance centre

Local Barrister Marc Ellul was last week re-elected as chairman Gibraltar Financial Centre Council, the first time the post has been filled for three consecutive terms by the same person.

Local Barrister Nick Cruz resigned from his position in the Association of Trust and Company Managers after more than 20 years of service to allow him to stand as deputy chairman, to support Mr Ellul.

Both were unanimously elected.

Mr Ellul’s re-election required an amendment to the GFCC Constitution, which now allows for a third term in exceptional circumstances.

The council unanimously recognised that the coronavirus pandemic and the threat to the economy, caused by the necessary measures introduced to deal with the health crisis, created such exceptional circumstances.

Mr Ellul with the assistance of Mr Cruz have been attending the Government’s CELAC Committee, a committee of trade associations and unions that has been assisting the Government with feedback on how to address the economic challenges that Gibraltar has faced and will continue to face.

The finance centre has remained, together with the gaming industry and others, among the sectors so far excluded from accessing the Government’s BEAT measures.

It has voluntarily had very limited assistance from the Government’s Beat Covid-19 measures.

“Its members have remained robust and resilient,” the GFCC said in a statement.

“However this sector, which accounts for most private sector high end jobs in Gibraltar, faces very severe challenges in the face of the economic slowdown caused by the pandemic.”

“It has contributed massively to the Government “think tank” Task Force Future, proposing ideas that will be vital to improve the Gibraltar product, so as to continue to provide the engine room to the economy that Gibraltar depends on.”