GSD says Bossano ‘avoids £50.5m question’  

The GSD said Sir Joe Bossano has not provided details as to what Community Credit Union Co-Operative Limited is doing with £50.5 million of Gibraltar Savings Bank money.  

The Opposition was commenting after highlighting earlier this week a 2024 audit of the Savings Bank included by former Principal Auditor Anthony Sacramento in his 2018/19 report and which had not been made public until now.  

The audit provides details of £50.5m of loan notes issued to the bank to finance Community Credit Union Co-Operative Limited, a company which the GSD said was unknown until now.  

The Government replied that the Savings Bank monies were invested in keeping with the Savings Bank Act and laws which the GSD had supported in Parliament.  

It said the Savings Bank was acting as a development bank investing in projects in Gibraltar’s national interest, and that it is producing returns in excess of the sums the Savings Bank is due to pay to depositors, and is less than the bank’sreserve. 

But Roy Clinton, the GSD Shadow Minster for Public Finance, said Sir Joe was avoiding the key question. 

 “Whereas Sir Joe Bossano relies on his last minute amendment to the Savings Bank Act such that (section 4 & 13A (3)) investments are made for the ‘social and economic benefit of the community’ what this entails appears to be entirely at his political discretion such as the construction of the Eastern Beach Sheds for which he could give no economic rationale in Parliament,” he said. 

“As Sir Joe Bossano is confident that this money is properly invested in ‘national projects and infrastructure’ then he should have no problem in providing information as to how the £50.5 million is being used in this regard by this previously unknown entity, Community Credit Union Co-Operative Limited and what security has been given.” 

“It is evident that the Savings Bank is being used to prop up this Government as shown by the Savings Bank indirectly loaning the money to the Care Agency in order to pay the £10 million settlement ordered by the Supreme Court in 2024.” 

“We need transparency on how the monies in the Savings Bank are being used by the Government as this is not Government money but that of Gibraltar’s pensioners and savers who rightly deserve to know how their money is being used and safeguarded.” 

The Government said this week it had addressed in Parliament the issue of the £10m settlement, £6m of which had already been repaid.