The GSD says that Sir Joe Bossano “has not provided details” as to exactly what Community Credit Union Co-Operative Limited is doing with £50.5 million of Gibraltar Savings Bank money. 

Roy Clinton MP the GSD Shadow Minster for Public Finance stated the following: 

“Whereas Sir Joe Bossano relies on his last minute amendment to the Savings Bank Act such that (section 4 & 13A (3)) investments are made for the ‘social and economic benefit of the community’ what this entails appears to be entirely at his political discretion such as the construction of the Eastern Beach Sheds for which he could give no economic rationale in Parliament. 

“As Sir Joe Bossano is confident that this money is properly invested in ‘national projects and infrastructure’ then he should have no problem in providing information as to how the £50.5 million is being used in this regard by this previously unknown entity, Community Credit Union Co-Operative Limited and what security has been given. 

“It is evident that the Savings Bank is being used to prop up this Government as shown by the Savings Bank indirectly loaning the money to the Care Agency in order to pay the £10 million settlement ordered by the Supreme Court in 2024. 

“We need transparency on how the monies in the Savings Bank are being used by the Government as this is not Government money but that of Gibraltar’s pensioners and savers who rightly deserve to know how their money is being used and safeguarded.”