GSD Asks Government To Explain £90 Million Rooke Figure
The GSD is calling on the Government to explain a £90 million figure mentioned by Sir Joe Bossano in Parliament in connection with the Rooke development.
Shadow Minister Atrish Sanchez said it was unclear what the figure represented, given previous figures of £38 million for construction costs. The GSD is calling for a full breakdown of costs and funding, the publication of an independent valuation and details of the proposed GHA acquisition.
A statement from the GSD follows below:
The Government must explain the £90 million figure disclosed by Sir Joe Bossano in Parliament yesterday in connection with the Rooke development. People are entitled to know how the project has been funded, what it has cost and what the GHA will be expected to pay.
Despite repeated questioning by Shadow Minister for the ERS, Atrish Sanchez, and other Opposition MPs, including the Leader of the Opposition, Sir Joe failed to explain clearly what the figure represented.
In June 2024, Sir Joe gave a figure of £38 million in response to questions from Shadow Minister Damon Bossino. In March 2025, he stated that the outstanding amount lent by the Gibraltar Savings Bank was £35 million.
Minister Gemma Arias-Vasquez also put the building cost at £38 million in a GBC interview on the 1st of September this year. Subsequently, on GBC’s Viewpoint, she referred to £38 million in construction costs and an additional £3 million for the fit-out costs.
Yesterday, Shadow Minister Atrish Sanchez asked how much funding the Gibraltar Savings Bank had advanced in connection with the development to date, and how much would be repaid upon completion of the development and its acquisition by the GHA.
Sir Joe’s answers did not establish whether the £90 million represented the total project cost, cumulative funding advanced throughout its history, or a wider amount incorporating other expenditure. He also stated that £30 million remained owed to the Gibraltar Savings Bank but could not confirm how it would be repaid while negotiations involving the GHA continued. More worryingly, nor could he clarify whether the previous owners would be able to repay some or all that amount.
The GSD calls for a full financial statement explaining the £90 million, detailing expenditure and repayments, and identifying the entities involved and their outstanding liabilities. The independent valuation which the Minister for Health and Care said she would seek must also be published, alongside the financial terms of any GHA acquisition.
Shadow Minister Atrish Sanchez notes: “Transparency and accountability mean giving people a clear account of what has happened. Yesterday’s answers fell well short of that. With funding advanced through the Gibraltar Savings Bank and the GHA negotiating to acquire Rooke, people deserve to know where the money has gone, who is responsible for repaying it and what further commitments are being considered. Rooke is intended to care for elderly people in our community. Residents and their families deserve confidence in its future, and the public deserves a full account of its finances. The Government must publish the valuation, publish the full details of costs and explain the £90 million. People should not have to keep asking for information that should already be clear. The Government owes the public straight answers.”
