Sir Joe says Savings Bank monies invested properly in line with law

The Government says it is "selfish and irresponsible" for the GSD's Roy Clinton to say he is raising the alarm about the investment of monies from the Savings Bank.

Acting as Chief Minister in Fabian Picardo and Joseph Garcia's absence, Sir Joe Bossano says the depositors in the Savings Bank are aware that his policy is to invest their money in national projects.

He says this in keeping with the law the Government amended with the GSD and Mr Clinton's support.

Sir Joe says the money is producing returns in excess of the sums the bank is due to pay to depositors, and is less than the Savings Bank Reserve.

He says, "It's time Mr Clinton changed his views from thinking our savers' money is safer outside of Gibraltar than invested right here".

And, the Government says the advancement of the £10m due in respect of a Court Order for settlement of a negligence case against the Care Agency from a Government
company has been debated in Parliament. The Chief Minister, it says, further disclosed during the Budget Debate that the sum of £6m was already paid back to this Government company.

GBC reported yesterday that the £10 million settlement was paid indirectly by the Gibraltar Savings Bank, through the Government-owned company Credit Finance Limited.  

The role of the Savings Bank in the loan were findings highlighted by the Principal Auditor in his report.