Oct 23 - Chief Minister’s Address At Gibraltar Bankers Association Annual Dinner
Below is the full text of a speech delivered by Mr Picardo at the
Gibraltar Bankers Association Annual Dinner
Ladies and Gentlemen,
Thank you for your kind invitation to attend tonight.
I guess I am here not just as Chief Minister, but also as the Shareholders Representative of two banks, the International Bank and the Savings Bank.
I wanted to take this opportunity to thank the Executive Committee of the GBA for their full engagement with my Government, with myself and with Cabinet colleagues, over past 4 years.
You have always totally been professional and determined to work with us in putting jurisdiction, putting Gibraltar, first in all your considerations.
I remember meeting with your Executive Committee in early October 2013 to discuss our retail banking needs.
And what will always stay with me was your clear desire for another Bank to come into the market.
For another bank to work alongside you to assist in meeting local demands.
And indeed, it is because you understand your business and you understand the needs of this market that it was the GBA who pressed to push to introduce more Banking facilities.
After the reduction, but thank Goodness not the total departure of Barclays, you all know what happened next.
The very welcome arrival of your latest member the Gibraltar International Bank. GIB is our creation. But it was a creation born from deep consultation and with the benefit of your advice and support. It is independently managed. As we promised.
It is run on an entirely commercial basis.
As we promised.
It is doing its bit to meet and satisfy the demands of this market.
As we promised.
And perhaps most importantly, it is FLOURISHING.
As we expected.
The GIB example is an important one, where we in the public sector worked well and closely with you in the private sectors to deliver real solutions to our community.
I want to specifically mention Keith Bailey of Barclays and the rest of his team for their support.
Specifically, I recognize that they delayed their closure of the retail aspects of their business on more than one occasion to await the GIB’s opening.
I want to specifically thank Natwest and Jyske for taking on extra resources to manage the volume of business that fell on them during that now passed period of uncertainty.
The news that first hit Gibraltar was that Barclays would close wholesale. The disaster was averted. Gibraltar was the winner. And I am truly grateful to you all for working with us to deliver this.
I know that the GBA and indeed the sector more widely are facing a sea of new regulatory issues; the Directive on Resolution Authorities, the Directive on Deposit Guarantee schemes, CRD IV, AMLD 4, MIFID 2, Solvency 2, the Mortgage Directive and many, many more.
As you worked with us, we will work with you and the FSC to ensure compliance with the requirements of these new regulatory standards.
At the same time as, importantly, we will work with you to explore new lines of business, reviews of our existing products, and an even bigger push in our marketing efforts to bring new business to Gibraltar.
We have now set the new standard for Government support to this sector. Real investment in Senior Executives at Gibraltar Finance.
Real investment in our promotion and marketing efforts. Real investment in our Annual Business Plans.
But above all else, for me the most important part of all this is that we work together in exploring opportunities, creating new legislation, and considering the nature and type of our marketing.
For the first time ever, we are working and thinking together, and for that I am most grateful.
You will forgive me for reminding you that we have done well these brilliantly successful past 4 years.
And I am not referring to this Government, I am referring to Gibraltar. Whether it’s in passenger arrivals at the airport. Or the Port . Or people employed in financial services.
Or in Gaming. Or Government revenues, which are up over £800 Million.
Or in Savings Bank deposits, profits and reserves, all of which have grown exponentially in the past four years.
Or GDP which has grown, in excess of our expectations, to £1.84 Billion. Everywhere you look the right things are going up.
And importantly debt is down, unemployment is down and Government spending on capital projects is down.
We have built the foundations for this new, stronger Gibraltarian Nation.
We have laid the foundations of continued growth and prosperity for the benefit of us all.
We now need to consolidate and exploit the great opportunities we have created.
And I hope whatever happens on 26th November that Gibraltar will continue to succeed on this path.
That is what really matters.
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