Sir Joe tells Parliament Savings Bank goes further than most in publishing details on investments

The Minister for Economic Development has told Parliament that while the Gibraltar Savings Bank discloses which companies it invests in, those companies are not required to reveal how they then use the funds.

Responding to concerns raised by the former Principal Auditor in his latest report, Sir Joe Bossano said the Savings Bank already goes further than most institutions in publishing details of where deposits are re-invested.

The Auditor had queried a loan made by the Savings Bank to Community Credit Union Co-Operative Limited - a transaction the Opposition described as “a financial jungle.”

Sir Joe spent Monday morning addressing Parliament as part of the Government’s rejection of the Principal Auditor’s 2018/2019 report.

He said the former auditor had used the report to criticize the Government, picking up on issues and making judgements on what is value for money but choosing to ignore how it starts and where it came from.

He stressed it was only right the Government defends itself in Parliament given that the report is laid before Parliament.