Dec 18 - Chamber of Commerce Praises Gibraltar International Bank Initiative
The Gibraltar Chamber of Commerce has welcomed the Government’s announcement on the development of new retail bank for Gibraltar, Gibraltar International Bank. The Chamber insists that it has been highlighting the need for extra banking facilities for some time. They add that following discussions on the possibility of a new bank, with the Government, the Chamber emphasised the importance of any such institution being operated on an arm’s length basis and independently of Government. The board added that the bank should also be managed by suitably qualified professional and subject to regulation by the Financial services Commission.
Since the announcement, the Chief Minister has insisted that these recommendations will be followed. The Chamber claims that the initiative will be complex and time consuming with many details to be finalised. They add, ‘the government may be using taxpayer’s money as its founding capital, but shareholders must leave the management to manage as they see fit without interference. The bank’s risk analysis and disclosure requirements should be robust and lending terms should be commercial, but reasonable.’
The Chamber believes that the initiative will boost the current banking offering and has the advantages of being ‘home grown’, and therefore able to be moulded to suit Gibraltar’s business and individual customer’s needs.
