In my opinion The Bank of Joe

By Roy Clinton

In 2023, Netflix released a comedy called The Bank of Dave, based on the true story of how a Burnley businessman (in North West England) went about setting up a community bank to help finance local enterprise. In a twisted parallel to The Bank of Dave, Sir Joe Bossano has confirmed to Parliament, on 14 January 2026, that he is now using Gibraltar Savings Bank money to fund local private sector businesses. This is being channeled via Community Credit Union Limited, a subsidiary of a local charity, Gibraltar Community Initiatives Limited, with Sir Joe making all funding decisions from the Savings Bank but the lending is outside formal Government control. This has been made available to only a ‘select few’ known to Sir Joe, and has not been advertised to the general business community giving the ‘select few’ who can bend Sir Joe’s ear an unfair and almost unlimited financial advantage using Savings Bank deposits.

GIBRALTAR COMMUNITY INITIATIVES LIMITED

Gibraltar Community Initiatives Limited (‘GCIL’), a company limited by guarantee of its members (Haim Levy and Anthony Provasoli, as per the public records at Companies House), was incorporated on 6 February 2020. It is registered as a charity (no 321) and has charitable objects such that under Article 55 of its Articles of Association its income may only be distributed for ‘benefit of the Gibraltarian community on any level’. Since incorporation, over six years ago, this has grown into a considerable group of at least 15 identified companies some whose purpose is unknown. Its subsidiaries are listed in the table.

RMB Investments Company Limited was acquired from the Gibraltar Development Corporation’s subsidiary Economic Development & Employment Company Limited on 8 September 2023. The group also purchased a 51% interest in the Gibraltar International Mint Limited (No 110307) from the Gibraltar Savings Bank. Some of these companies in the GCIL group have been identified as forming part of the delivery of Sir Joe’s National Economic Plan and have received direct or indirect funding from the Gibraltar Savings Bank.

GIBRALTAR SAVINGS BANK LENDING TO GCIL COMPANIES
Community Supplies and Services Limited was identified as the client in the architectural drawings for the Rooke nursing home site which it is believed is now owned by Rooke Holdings Limited. It is Rooke Holdings Limited that has invited expressions of interest for the running of the Rooke site. From answers to Parliamentary questions it is estimated that £38 million of funding was indirectly provided by the Savings Bank to this project which remains empty.

As at 31 December 2025, the Savings Bank has directly lent £4 million to CEHO Limited which is developing the elderly homes for purchase at the old Laguna Estate carpark and £1 million to Community Homes Ownership Limited whose only project is known to be at Hargraves.

EBS Limited owns and controls the Eastern Beach Sheds but it is unknown how these have been funded or their cost.

It is evident that elements of the GCIL group operate in such a way as to execute GSLP Government plans, indeed GCIL is mentioned in the GSLP 2023 Manifesto on page 39. Funding is provided by Sir Joe from the Gibraltar Savings Bank while retaining any profits within a private charitable structure outside the control of any future Government.

PRINCIPAL AUDITOR’S REPORT
In his report on the accounts of the Gibraltar Savings Bank for 31 March 2024, the Principal Auditor disclosed that the Savings Bank had indirectly invested a total of £50.5 million in loan notes issued by Community Credit Union Limited. This was not a direct purchase but channeled first via its subsidiary GSBA Limited and then the Gibraltar National Mint Limited owned by GSBA. When the GSD questioned the purpose of this transaction in July 2025, Sir Joe refused to give details other than saying the money was ‘invested in national projects’ and ‘infrastructure investment’ (PR 539/2025).

Without the disclosure made by the Principal Auditor in his 2018/19 annual report neither Parliament, nor the people of Gibraltar would have been aware of this transaction and the existence of Community Credit Union Limited which is part of the GCIL charity group.

COMMUNITY CREDIT UNION LIMITED
When probed in Parliament on 14 January 2026 by both myself and the Leader of the Opposition, Sir Joe stated that Community Credit Union Limited ‘provides funding to private sector projects that promote economic and social benefits to Gibraltar’. Furthermore he stated that it did not form part of his National Economic Plan but that it was ‘an initiative from the business community’. This raises some serious concerns as to what sectors of the business community have lobbied for the creation of Community Credit Union Limited so as to obtain credit.

On 15 January 2026, the Chief Minister in answers to questions stated that Community Credit Union Limited did not actually hold a money lending licence but that he, as Minister of Finance, had granted it an exemption under s 30 (1) (e) of the Financial Services (Money Lending) Act ‘on the basis that they are acting in the public interest of Gibraltar and its people’.

Sir Joe Bossano made it clear that he authorised political investment of Savings Bank money into Community Credit Union based on business cases presented to and evaluated by the Treasury Department. When asked as to why this scheme was not advertised to the general business community Sir Joe responded ‘the reality is that without advertising people approach me so why should I have to advertise it?’. As to whom Community Credit Union Limited is lending money, the Chief Minister responded that ‘as this is not a Government-owned company, we are unable to provide this information’. So we have a situation where Sir Joe makes decisions to fund projects backed by Community Credit Union Limited, evaluated by Treasury but the Government claims to have no information as to the lending activities of the company.

This game of smoke and mirrors is compounded by the widely repeated observation on Main Street that the Savings Bank has provided loans to a private business group that have been buying a considerable number of local businesses (at least one of which has a substantial Government contract) in recent months.

THE BANK OF JOE
In the final analysis Community Credit Union Limited is nothing more than ‘The Bank of Joe’ in which Sir Joe Bossano is the sole judge as to whether loans it grants to businesses are to be financed by the Gibraltar Savings Bank or not. It may be that there is sound financial logic to providing finance in this way through Community Credit Union Limited, but given the secrecy surrounding its creation and evident closed group of business interests that has access to it, it begs the question why? Why is the Bank of Joe even necessary given the existence of Credit Finance Company Limited which is owned by the Government and has a money lending licence? Why if this lending is so profitable is it done through the GCIL charitable structure outside the control of a Government elected by the people? Who asked for the creation of the Bank of Joe? And who is really benefiting from its financial support? At a time of great financial uncertainty for the general business community, given the EU Treaty, some may ask why is it that the Bank of Joe is only for the select few and not open to all?

In this respect the inclusive approach of the Bank of Dave had it right where this GSLP Government continues to get it wrong.

Roy Clinton is a GSD MP and Shadow Minister for Public Finance.