• Arias-Vasquez Addresses UN Special Committee on Decolonisation
  • Holland And Barrett Vitamins Gibraltar Offer

Oct 01 - GONHS Hosts European Birdwatch 2013 Events

euro birdwatch 2013 The biggest event of the BirdLife partners in Europe celebrates its 20-year anniversary. Since 1993, EuroBirdwatch has attracted tens of thousands of participants each year, sharing in diverse activities or just simply observing the birds as they migrate southwards. This year, the national partners of BirdLife International of 33 countries in Europe and Central Asia invite people to observe the birds and hear interesting facts about bird migration and threats they face during their journeys. In most countries people will find observation and information posts where everyone can share the knowledge on migratory birds and their flyways.

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Oct 01 Opposition Question how the Housing Schemes will be Funded

Gibraltar New HousingThe Opposition notes the announcement by the Government of the award of contracts for the construction of nearly 1,000 flats in two housing schemes in excess of £115 million.

The Opposition is calling on the Government to provide details of how it intends to fund these projects. In particular, whether it intends to fund them from the proceeds of savers’ debentures deposited with the Gibraltar Savings Bank (“the GSB”).  It will be recalled that over £307 million of those savings have been transferred from the GSB to Credit Finance Company Limited, which in turn, has been lending money to private entities and also the management company of certain housing estates. More than once we have pointed out that this distorts public finances because the Government does not need to borrow to undertake the same activity itself as it is effectively using savers’ money as a Government piggy bank. It is also exposing Gibraltar plc to huge future repayments that it may not be able to afford in future.  The Government’s legal borrowing limits are set by law in order to prevent the Government from borrowing what it cannot afford.  The use of the proceeds of GSB debentures to fund projects (if that is what will happen) will effectively allow it to circumvent those borrowing limits.

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