Sep 28 - Savings Bank Financial Statements “Incomplete” Says GSD
Depositors of the Gibraltar Savings Bank have recently been sent a copy of its audited accounts for the year ended 31 March 2014.
The Principal Auditor’s certificate dated 27 August 2014 refers to his opinion on the financial statements which include the Statement of Investments. The GSD says that it is significant that Joe Bossano, the Minister for the Savings Bank, in his covering forward to the accounts makes no mention of how the money in the Savings Bank has been invested and the Statement of Investments has not been included.
The Opposition also argues that the Statement of Investments should have been sent to depositors which would have shown £400 million invested in Credit Finance Company Ltd Redeemable Preference Shares and £104 million in Government of Gibraltar Capital Bonds. The party says that these investments have not been explained by Mr Bossano. In total, £ 504 million of £869 million of total assets (or 58%) was invested in Government Debt and Government owned companies. This information is public and was gazetted on 19 March 2015.
GSD Candidate Roy Clinton said:
"The Government has omitted a significant part of the Savings Bank’s financial statements that would show depositors how their money was invested. We know from answers to Parliament that the 31 March 2015 investment position will show Government exposure increasing to 70% of assets. This is an unprecedented and irresponsible use of savers’ money designed to distort the true state of Gibraltar’s public finances. The Government is now being economical with the historic information provided to depositors. It is also remarkable that having the audited financial statements since 27 August 2014 these were not published until 19 March 2015. If the Government subscribes to transparency it should not choose which parts of the Savings Bank’s financial statements to send to depositors but everything covered by the Principal Auditor’s certificate and in addition it should be sent in a timely manner.”
The GSD calls on the Government to publish in the local papers the full Statement of Investments of the Gibraltar Savings Bank as at 31 March 2014 so the public are “properly informed” and have the “full correct factual information” in their possession.
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