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GSD keen for clarification on £300m estates deals

Photo by David Parody

The GSD is still awaiting a date from the Chief Minister, Fabian Picardo, to meet with the Government’s technical advisors to discuss the details of the £300 million borrowing secured on the strength of Gibraltar’s public housing stock.

This comes after Mr Picardo offered in Parliament last week to meet with representatives from the Opposition as well as Independent MP Marlene Hassan Nahon to discuss the technical details of the transaction rather than by way of open exchanges in the House.

“It was quite unprecedented for the Chief Minister to offer a technical meeting in lieu of answering in full the 26 detailed questions tabled in Parliament in respect of the £300 million borrowing secured by a mortgage over six Government housing estates,” Mr Clinton said.

“However in the interests of expediency we have agreed to meet directly with the Government’s technical advisors to fill in any gaps in our understanding of this transaction.”

He added: “With the exception of any commercially sensitive information we will be free to disclose any information we obtain.”

The GSD will then hold a press conference after the meeting to set out its analysis of the transaction and what it means for the people of Gibraltar.

Mr Clinton and Mr Picardo recently clashed over the financing deal in Parliament.

The exchanges saw Mr Picardo refer to the deal as a mortgage on the blocks but not the flats inside, as he insisted no one’s home was at risk.

The GSD has vowed to continue to hold the Government to account and explain the structure and reasoning for the £300 million borrowing.


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