Proposed Funding of Victoria Stadium by Gibraltar Savings Bank lacks financial credibility
The Government continues to assert that the funding of the proposed Victoria Stadium project by the Gibraltar Savings Bank is a safe and good financial investment despite the complete absence of any feasibility study.
Roy Clinton MP the GSD Shadow Minster for Public Finance and the Gibraltar Savings Bank stated the following:
“The Government continues to spin the funding of the Victoria Stadium project by the Gibraltar Savings Bank as a safe and good investment despite the complete absence of any financial feasibility study. In Parliament Sir Joe Bossano the Minister for the Savings Bank told the Leader of the Opposition that he had seen no financial projections nor did he have any insight as to the reasons for the mix of commercial and residential units.
The Government has admitted that Sir Joe Bossano is ‘not an expert in developing property’ and thus to suggest savers trust his judgement on this project is asking too much. It is simply not credible that the Minister would be willing to commit tens of millions of savers deposits into a scheme which had no financial projections and no business plan. The Opposition will not, and cannot commit savers money or any money to a project that lacks complete credibility not just in terms of finance but also in that it so obviously fails to meet the needs of the local football community.
It is pointless for the Government to ask the Opposition to engage with them constructively on this flawed project when they refuse to supply even basic information as to how exactly this project has met ‘all the legal and financial requirements’.
The Government’s insistence in pursuing this project just shows their disconnect with wider public feeling on this issue at a time of a public finances and cost of living crisis. “