Nov 01 - Government Releases Savings Bank Investment Figures
Following a week of controversy and speculation the Government have this evening published three tables of information detailing the Gibraltar Savings Bank’s investments and the total value of Savings Bank Debentures. The information was published as a response to Opposition leader Daniel Feetham’s Parliament question on GSB debentures and ‘other debt security outstanding’. The question focused on how much was and is held by residents and non-residents of Gibraltar, companies or partnerships and individuals.
Minister Bossano’s reply is as follows, ‘Figures for August have not yet been finalised by the Treasury, therefore, where applicable, answers will reflect tentative figures.
From 1st May to 31st August the total value of Government Debentures redeemed was £9.1M. £5.1M was reinvested in other debt securities of the Gibraltar Savings Bank. There were no sales of Government Debentures £4M was paid out in cash.
As at the 31st August 2013, £260.7M of Government debentures was outstanding.
The total value of savings placed in the Bank in bonds, debentures and other accounts is currently almost £812M, broken down is:
Monthly Income Debentures £7,822,900
Pensioners' Monthly Income Debentures £5,287,300
Monthly Income Debentures Issue (Jan 2012) £7,530,100
3 Year Fixed-Term Monthly Income Debentures 2015 £11,038,000
3 Year Fixed-Term Monthly Income Debentures 2016 £12,401,500
5 Year Fixed-Term Monthly Income Debentures 2017 £85,397,900
5 Year Fixed-Term Monthly Income Debentures 2018 £130,277,100
Limited Issue of Fixed Monthly Income Debenture 31/12/13 £4,331,300
Limited Issue of Fixed Monthly Income Debenture 31/12/15 £33,150,200
10 Year Fixed-Term Monthly Income Senior Citizens Debenture 1/7/23 £1,128,600
Other Special Debenture Issues @ 2% £2,379,245
10 Year Accumulator Bonds 2012 £4,965,000
10 Year Accumulator Bond 1/1/13 £2,754,600
10 Year Monthly Income Pensioner Accumulator Bonds 2012 £3,915,500
10 Year Monthly Income Pensioner Accumulator Bond 1/1/13 £1,905,000
Childrens Bond Account £64,030
8% Provident Trust Fund Bonds £8,409,652
Guaranteed Superannuation Fund Bonds £46,679,234
Other Bonds £14,624
Ordinary Deposits and Investment Call Accounts £442,313,396
Figures continue to be under 1% of companies and under 1% non-residents. Figures for December 2011 are not expected to be any higher but these have not yet been finalised as they are being done manually.
The list of investments of the Savings Bank Fund, as at the close of the financial year subject to audit is contained in the schedule which I now hand over to the Honourable Member.
