People want delivery and not playground politics

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People want delivery and not playground politics

The presentation of distorted figures which do not make a proper comparison of the provision of low-cost housing in GSLP and GSD periods is not just sleight of hand but fundamentally fails to address the core point about the GSLP “delivery” of housing policy.Housing is a pressing social concern and people want delivery and not playground politics.

The undeniable fact is that the GSLP will not stick to its promises made in January 2025 that keys would be delivered at the westside reclamation by no later than the first half of 2028 because the reclamation has not even started.

The undeniable fact is that Bob Peliza Mews was announced 11 years ago and phase 1 purchasers are still waiting while those waiting for phase 2 are seeing no end in sight to their seemingly interminable wait.

The undeniable fact is that Chatham Views has taken almost a decade for delivery to occur.

This record when juxtaposed with the notion that the Government is saying it will now deliver another 2,300 homes – i.e., that in the short span of two years it will deliver more homes than it has built over the entire 15-year period and all in 47,000 sq. metres of land – raises fundamental questions to the credibility of what they are now saying.Nothing, in what they have said in their reply addressees this core concern as to the believability of what they say.

Damon Bossino said: “Without wishing to entertain the Government’s child play of ‘my toy is bigger than yours’, it has to be pointed out that their figures are in fact intentionally massaged to portray a more favourable picture as to their record in office. What the Government statement purposely and with obvious intent fails to mention is the almost 500 rental flats that were in fact delivered at Mid harbours Estate by the GSD. This cynical and convenient omission has been intentionally done in order to distort the real picture.”

Perhaps Ms Orfila, as the Minister for Housing will be allowed, at some point, to intervene in
the debate

Stop playing around with peoples’ expectations on housing

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The GSLP government needs to stop playing around with peoples’ expectations and stop

making announcement after announcement about reclamations and affordable housing which

they must know when they make them are unattainable and are merely made for electoral

reasons. Now with the 2300 affordable homes the GSLP would have you believe that they

will deliver as many houses as they promised in 4 terms of office in a couple of years. This is

unbelievable.

At the time that the reclamation was first announced, the government said it would be ready

by the early part of 2026 with the first homes being delivered by the early part of 2028. As

matters stand there has already been a failure to keep to these promises. What faith can be

placed on this new pronouncement?

As the GSD said when this project was first announced in January 2025, the generation of

young, aspiring Gibraltarians who wish to purchase their homes, will be forgiven for being

highly sceptical when previous developments such as Bob Peliza Mews and Chatham Views

have been delayed by a decade in some cases and when, as the GSD warned at the time, it has

already failed to deliver on its promises regarding this development.

The government has failed to provide detailed plans and other information for a development

of this size, smacking as it does of shallow political posturing designed to garner votes from a

large sector of the electorate which is seriously fed up with its repeated slow delivery and

broken promises on housing.

This most recent statement fails to address the planning related concerns raised by the GSD

when the project was first announced 19 months ago on matters such as schooling, traffic and

building massification and more recently by those living there. No mention is made of how it

is expected to house 2,300 units in that area.

Damon Bossino said: “This is not surprising from a government which is so seriously delayed

in the publication of the new Development Plan; clearly lacks any notion of long-term

planning; and thinks it can continue to survive on future untested announcements but fail on

delivery.

”All of this suggests that this latest statement smacks of misplaced political opportunism, driven

by the internal party politics of the party currently in office as they prepare for the transition

to new leadership and a general election. Why, if not for that reason, has the Minister for

Business and Health fronted this re-hashed and tired re-announcement along with the Chief

Minister and not Ms Orfila as the Minister responsible for Housing who is so obviously being

sidelined?

Leader of the Opposition Keith Azopardi said: “The Government should stop with this

infantile approach to politics and govern for those many hundreds of mainly young people who

are being disenfranchised as home-owners. The marginalisation of this crucial segment of

Gibraltar society which represents the future has to be resolved with determination and action.”

Concordat Falls Short

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The Concordat entered into between the UK and Gibraltar falls short of what the Motion passed by the Parliament unanimously in March 2026 called for. A GSD Government would enter into discussions with the UK Government to seek to improve its terms shortly after taking office.

The Parliament had requested the entry of a Concordat that would ensure that powers exercised by the UK under the Treaty carried the consent of the Government of Gibraltar.

On 2 July 2026 the Chief Minister indicated that there would be “no circumstances” in which decisions could be taken under the Treaty (by the UK) without its consent. However, the Concordat entered into in Brussels sets out provisions by which the UK could, in “exceptional circumstances”, depart from the Gibraltar view. Additionally, the involvement of the Gibraltar Government is circumscribed to some issues and not all matters that may arise under the implementation of the Treaty which will affect Gibraltar.

Leader of the Opposition, Keith Azopardi said: “It is clear that any issue agreed under the Treaty framework will affect Gibraltar and as such the Gibraltar Government should always be involved in all discussions. Additionally, it is of fundamental importance that any decision affecting Gibraltar must carry the consent of its Government and the people
of Gibraltar.

While the letter of Minister of State, Stephen Doughty, goes some way to allaying concerns that had already been expressed by the Opposition in respect of this draft version of the Concordat (shown to us last week) it does not adequately resolve these. This is regrettable and means the Concordat, as it stands, falls short.

In Government the GSD would seek to agree amendments to the Concordat which more closely reflects the principles in the Doughty letter as well as a more modern non-colonial relationship with the UK. Clearer commitments should be given in the UK-Gibraltar bilateral arrangements. It would be unacceptable for decisions affecting Gibraltar not to have the consent of the Government or the people of Gibraltar.

Treaty Signing Opens New Chapter

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Treaty Signing Opens New Chapter

The signing of the UK-EU Treaty on Gibraltar is a milestone and the welcome end to a decade of negotiations after the Brexit Referendum.

Leader of the Opposition, Keith Azopardi said: “There is no doubt that today has the potential of opening a significant new period for Gibraltar. With it comes hope as well as fears and expectations which many have been expressing to us. While it will change the way things are done economically as well as in terms of citizen’s rights we need to ensure it does not undermine our identity or ability to determine our future. Despite the misgivings that arise as to lack of
certainty, jurisdiction, security or trade it is now up to all of us to try to make this Treaty work for Gibraltar and its people. The opening of the new chapter that starts today brings many challenges as well as opportunities. A future GSD Government will invest in infrastructure, resources, our product and services to maximise the opportunities & navigate the challenges which undoubtedly lie ahead. We will ensure that Gibraltar can meet those challenges that will affect many businesses or people on the ground.

As necessary that should include targeted assistance for those who will be negatively affected by Treaty provisions as well as a careful consideration of rules that could enhance or protect our economy or the rights of people. All this must be done within the confines of a Treaty that will affect our governance and day to day lives.”

The Treaty must still be ratified under the differing processes by the UK and EU Parliaments although as is well-known the Treaty will be provisionally applied as from midnight tonight.

The Treaty has been signed alongside a UK-Gibraltar Concordat that governs the relationship between the UK and Gibraltar Government in relation to the UK implementation of the Treaty. The GSD will comment separately on that Concordat.

𝐁𝐨𝐫𝐝𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂𝐨𝐚𝐬𝐭𝐠𝐮𝐚𝐫𝐝 𝐚𝐧𝐝 𝐂𝐮𝐬𝐭𝐨𝐦𝐬 𝐎𝐟𝐟𝐢𝐜𝐞𝐫𝐬 𝐋𝐞𝐟𝐭 𝐄𝐱𝐩𝐨𝐬𝐞𝐝 𝐨𝐧 𝐄𝐯𝐞 𝐨𝐟 𝐓𝐫𝐞𝐚𝐭𝐲 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

By News
𝐁𝐨𝐫𝐝𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂𝐨𝐚𝐬𝐭𝐠𝐮𝐚𝐫𝐝 𝐚𝐧𝐝 𝐂𝐮𝐬𝐭𝐨𝐦𝐬 𝐎𝐟𝐟𝐢𝐜𝐞𝐫𝐬 𝐋𝐞𝐟𝐭 𝐄𝐱𝐩𝐨𝐬𝐞𝐝 𝐨𝐧 𝐄𝐯𝐞 𝐨𝐟 𝐓𝐫𝐞𝐚𝐭𝐲 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧
Borders and Coastguard and Customs officers have been left exposed, literally, in the intense heat of summer, and in the uncertainty which still prevails in respect of their allocated responsibilities upon Treaty implementation.
Shadow for Justice, Joelle Ladislaus MP, said: “The Government keep saying that they were ready in April for the Treaty to come into effect. As usual, it seems they’ve overstated the position because the reality on the ground is looking very different. The state of the frontier demonstrates that the Government are once again rushing to put things in place at the eleventh hour. The last few weeks have seen temperatures rising and everyone looking for shade and ways to cool off.
Unfortunately, for BCA and Customs officers on duty at the frontier, it seems working conditions have been quite difficult given the very limited and flimsy options for shade that they have been provided with amidst the construction site they are working in, especially in relation to their Spanish counterparts, who appear to have a better setup just metres away from our officers.
The current working conditions are compounded by a prevailing sense of uncertainty for officers of both agencies, for whom shifting and evolving roles and responsibilities under the Treaty are not yet clear. The Government have had ample time to prepare law enforcement agencies for the significant changes which are coming under the Treaty and it seems that, once again, they have done the minimal so that they can pay lip service, rather than anything meaningful to ease the transition. It seems that for this Government, if the boxes are ticked, the collateral damage doesn’t matter.”
Although the opposition acknowledges that an element of disruption to normal working systems and an impact on working conditions is to be expected as things progress towards Treaty implementation, the impact can & should be mitigated with proper planning. If such little thought has been given to the temporary arrangements at this stage, what can be expected in terms of the more permanent arrangements that will need to be in place for the Treaty to be effectively implemented in a matter of weeks? The Government should address the situation at the frontier urgently to alleviate the working conditions of BCA & Customs officers in the short-term and address their long term concerns as to their evolving duties and responsibilities under the Treaty.

New Residency Rules Can Hamper Economy & Diminish Britishness

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The new residency policy rules are likely to have an adverse effect against British people seeking to relocate to or invest in Gibraltar while pushing residency for new jobs, job creation itself and spending to Spain. It can hamper business, growth in the economy and diminish the traditional Britishness of sources of investment or employment. It is evident that the policy will likely have the most significant impact on British people and other valuable non-EU sources of labour for key sectors of the economy. It is unlikely for example that Spanish workers would seek to live in Gibraltar in similar numbers. Traditionally the success of our economy and growth has been dependent on the ability to develop and diversify business as well as attract inward investment and labour in a less restrained way.

While it makes sense for there to be some rules and clear criteria there are aspects of the residency rules (such as the salary minimum of £37,500) that may affect inward investment and job creation in certain sectors of the economy. That level is not reflective of the average in the private sector or the pay of some key public or private sector jobs which is below the overall average as is obvious from the Employment Survey 2024. It does not make sense to hamper growth in areas when our public services are dependent on external labour or tax revenue from a number of successful pillars of the economy. This has always been driven by the needs of the economy and unless there is very good reason to prevent that this practice should remain.

The use of populist language in the past by Government about “freeloaders” has been nothing more than headline- seeking vacuous labels which are disrespectful to many people who have contributed to our economy for many years. Mechanisms that protect our public services while not hindering the expansion and prosperity of the economy can be achieved.

Additionally given the absence of information and statistics from the Government it is impossible to be persuaded for now of the proposed longer eligibility criteria to apply for Gibraltarian status for new applicants. What we have had so far from Government are unsubstantiated statements but the meeting promised to the Opposition in November 2025
to discuss our concerns on the draft Gibraltarian Status & Immigration Bill has still not taken place.

Leader of the Opposition, Keith Azopardi said: “In Government the GSD would seek to ensure that residency policies operate to legitimately protect our public services and do not diminish the importance of our links to Britain, hamper business growth or give primacy to foreign non-British workers.

All in all it is obvious that there are issues of concern not properly dealt with in this policy and we are not convinced that it will be effective and may, in fact, undermine our economy in favour of Spanish workers or push labour to live in Spain when we clearly have no control of whether Spain will give the requisite permits to non-EU (British) workers. This just further increases the handle that Spain will have on our economy because more workers will be forced to reside there or be dependent on obtaining Spanish residence permissions to work here.

Concerns over the Availability of Accessibility Services and Lifeguard Services – Announcements must match the reality.

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Concerns over the Availability of Accessibility Services and Lifeguard Services – Announcements must match the reality.
The GSD is concerned that at a time when people are trying to enjoy our beaches these are accessible in a safe manner by all.
On 13th of May 2026, the Government announced that this year’s Official Bathing Season would begin earlier, starting on the 23rd of May. In its press release, the Government stated that: “From this date, lifeguards will be deployed at all beaches and swimming pools, and full Beach Attendant and accessibility services will be in operation across Gibraltar’s coastline.”
Atrish Sanchez MP, notes that despite these announcements ‘the reality being experienced by many users of our beaches and pools is very different. Over the past week, a growing number of people have reported attending beaches and swimming pools during the day only to find that lifeguards and beach attendants are not present. This means there are periods during the day when facilities are operating without the level of supervision and accessibility support that the public was led to expect when the earlier start to the official bathing season was announced.’
The Government’s press release referred to “transitional arrangements” being in place until 13th of June, but there has been little explanation as to what these arrangements actually involve, which services are affected, or what members of the public should realistically expect when attending our beaches and pools. As a result, many people understandably assumed that the services announced on the 13th of May would be fully operational from the start of the season on the 23rd of May.
The situation is made even more confusing by the Beaches and Pools Accessibility Guide published alongside the announcement by the Supported Needs and Disability Office. The guide sets out specific support hours for each location:
• Little Bay – 12:30pm to 8:30pm
• Camp Bay – 10:00am to 8:00pm
• Catalan Bay – 11:30am to 7:30pm
• Eastern Beach – 12:00pm to 8:00pm
• Western Beach – 12:00pm to 8:00pm
• GSLA Bathing Pavilion – 10:00am to 8:00pm
• Europa Pool – 10:00am to 8:00pm (11:00am to 8:00pm on Wednesdays)
The guide also states that services commence an hour earlier on weekends and public holidays at most locations.
Anyone reading this information would reasonably expect these services to be available during the published hours. Nowhere in the guide is it made clear that support services may not be available throughout those times, nor that the published hours are subject to staffing shortages or other limitations. Whilst it is understood that the availability of lifeguards and beach attendants may be affected by students sitting examinations at this time of year, these are not unforeseen circumstances. If the Government decides to bring forward the start of the Official Bathing Season, it should ensure that the necessary planning and staffing arrangements are in place beforehand. The same applies to all services associated with the bathing season. Decisions to extend or bring forward seasonal operations should be backed by the resources needed to deliver them properly from day one.
Atrish Sanchez MP continues, ‘At the centre of all of this is safety, accessibility and trust. Families, older persons, people with disabilities and those who rely on support services should be able to attend our beaches and pools confident that the services advertised by Government will be there when they arrive. If there are challenges in delivering those services, be honest about them in advance. People understand difficulties, but honesty and advance notice are not only common courtesy, but they also allow people to make informed decisions and plan accordingly. What they do not expect is to be told one thing and find another when they get there.’

 

Conflicts of Interest Bill is a Toothless Bureaucracy

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The draft conflicts of interests law is heavy on bureaucracy but low on making sure conflicts are actually restricted. It is weighed down by layers of administration which will hamper rather than ensure that conflicts are prevented and penalised. As such the draft law will fall well short of what is necessary to avoid a repetition of the excesses that we have seen under this GSLP Government. A future GSD Govt would ensure that there are robust controls on conflicts of interest based on the Canadian model law and tougher rules that prevent abuse.
The draft conflict of interests law is the direct result of a McGrail Inquiry recommendation. Sir Peter Openshaw found that on several occasions Mr Picardo behaved in a grossly improper way and attempted to interfere in a live criminal investigation. That police investigation was into circumstances that had arisen after a company (36 North) in which Hassans (and through them the Chief Minister) had ultimate beneficial interests had vied for a lucrative public service/national security contract. The Inquiry Chairman recommended that conflicts of interests legislation be introduced to guard against issues he had found and that the Canadian conflicts of interests law be used as a model.
Leader of the Opposition, Keith Azopardi said:
“The law as drafted is insufficient and in many ways will simply be a toothless and overly bureaucratic machinery creaking under the administration it envisages but without achieving the objective of properly curbing conflicts. It is weak and deficient in a number of key respects that seem engineered by the Government to castrate and hamper its effectiveness. That speaks to the obvious GSLP Government’s decision to pay lip service to but undermine the substance of the Openshaw Report. It is far removed from the precision of the Canadian Conflicts law that would explicitly and much more clearly prevent people from abusing conflicts situations. I make clear that a future GSD Government will use the Canadian law as a template for further reform in Gibraltar. That is precisely what Sir Peter Openshaw recommended. What the GSLP Government are doing in spirit and substance is to make a mockery of the Openshaw Report.
The GSLP/Libs are arguing that the Canadian model recommended by Sir Peter Openshaw should not be followed for Gibraltar because the Government feel it is inappropriate. But is it a case of inappropriate or inconvenient because the Canadian model would not allow some of the conflicts that their GSLP draft law would allow? We will be setting out our views on this draft Bill in detail when we debate this in Parliament.”

The Bank of Joe My Opinion – Roy Clinton MP – Shadow Minister for Public Finance

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𝐈𝐧 𝟐𝟎𝟐𝟑, 𝐍𝐞𝐭𝐟𝐥𝐢𝐱 𝐫𝐞𝐥𝐞𝐚𝐬𝐞𝐝 𝐚 𝐜𝐨𝐦𝐞𝐝𝐲 𝐜𝐚𝐥𝐥𝐞𝐝 The Bank of Dave, based on the true story of how a Burnley businessman (in North West England) went about setting up a community bank to help finance local enterprise. In a twisted parallel to The Bank of Dave, Sir Joe Bossano has confirmed to Parliament, on 14 January 2026, that he is now using Gibraltar Savings Bank money to fund local private sector businesses. This is being channeled via Community Credit Union Limited a subsidiary of a local charity, Gibraltar Community Initiatives Limited, with Sir Joe making all funding decisions from the Savings Bank but the lending is outside formal Government control. This has been made available to only a ‘select few’ known to Sir Joe, and has not been advertised to the general business community giving the ‘select few’ who can bend Sir Joe’s ear an unfair and almost unlimited financial advantage using Savings Bank deposits.
𝐆𝐢𝐛𝐫𝐚𝐥𝐭𝐚𝐫 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬 𝐋𝐢𝐦𝐢𝐭𝐞𝐝
Gibraltar Community Initiatives Limited (‘GCIL’), a company limited by guarantee of its members (Haim Levy and Anthony Provasoli, as per the public records at Companies House), was incorporated on 6 February 2020. It is registered as a charity (no 321) and has charitable objects such that under Article 55 of its Articles of Association its income may only be distributed for ‘benefit of the Gibraltarian community on any level’. Since incorporation, over six years ago, this has grown into a considerable group of at least 15 identified companies some whose purpose is unknown. Its subsidiaries can be listed as follows:
Company Name Number Date of Incorporation
Community Supplies and Services Ltd 119528 10 February 2020
Wonderworks Media Limited 119545 12 February 2020
Community Homes Ownership Limited 121192 26 May 2021
World Wide Work Services Limited 123009 22 December 2022
Community Credit Union Limited 123047 17 January 2023
CI (Directors) Limited 123048 17 January 2023
Rooke Holdings Limited 123049 17 January 2023
CCP Limited 123050 17 January 2023
CCEC Limited 123051 17 January 2023
Transitional Homes Hostel Limited 123054 17 January 2023
EBS Limited (Eastern Beach Sheds) 123055 17 January 2023
CEHO Limited (Community Elderly Homes Ownership) 123077 20 January 2023
RMB Investments Company Limited 113725 24 November 2015
RMB Investments Company Limited was acquired from the Gibraltar Development Corporation’s subsidiary Economic Development & Employment Company Limited on 8 September 2023. The group also purchased a 51% interest in the Gibraltar International Mint Limited (No 110307) from the Gibraltar Savings Bank. Some of these companies in the GCIL group have been identified as forming part of the delivery of Sir Joe’s National Economic Plan and have received direct or indirect funding from the Gibraltar Savings Bank.
𝐆𝐢𝐛𝐫𝐚𝐥𝐭𝐚𝐫 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐁𝐚𝐧𝐤 𝐋𝐞𝐧𝐝𝐢𝐧𝐠 𝐭𝐨 𝐆𝐂𝐈𝐋 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬
Community Supplies and Services Limited was identified as the client in the architectural drawings for the Rooke nursing home site which it is believed is now owned by Rooke Holdings Limited. It is Rooke Holdings Limited that has invited expressions of interest for the running of the Rooke site. From answers to Parliamentary questions it is estimated that £38 million of funding was indirectly provided by the Savings Bank to this project which remains empty.
As at 31 December 2025, the Savings Bank has directly lent £4 million to CEHO Limited which is developing the elderly homes for purchase at the old Laguna Estate carpark and £ 1 million to Community Homes Ownership Limited whose only project is known to be at Hargraves.
EBS Limited owns and controls the Eastern Beach Sheds but it is unknown how these have been funded or their cost.
It is evident that elements of the GCIL group operate in such a way as to execute GSLP Government plans, indeed GCIL is mentioned in the GSLP 2023 Manifesto on page 39. Funding is provided by Sir Joe from the Gibraltar Savings Bank while retaining any profits within a private charitable structure outside the control of any future Government.
𝐓𝐡𝐞 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐚𝐥 𝐀𝐮𝐝𝐢𝐭𝐨𝐫’𝐬 𝐑𝐞𝐩𝐨𝐫𝐭
In his report on the accounts of the Gibraltar Savings Bank for 31 March 2024, the Principal Auditor disclosed that the Savings Bank had indirectly invested a total of £50.5 million in loan notes issued by Community Credit Union Limited. This was not a direct purchase but channeled first via its subsidiary GSBA Limited and then the Gibraltar National Mint Limited owned by GSBA. When the GSD questioned the purpose of this transaction in July 2025, Sir Joe refused to give details other than saying the money was ‘invested in national projects’ and ‘infrastructure investment’ (PR 539/2025).
Without the disclosure made by the Principal Auditor in his 2018/19 annual report neither Parliament, nor the people of Gibraltar would have been aware of this transaction and the existence of Community Credit Union Limited which is part of the GCIL charity group.
𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐂𝐫𝐞𝐝𝐢𝐭 𝐔𝐧𝐢𝐨𝐧 𝐋𝐢𝐦𝐢𝐭𝐞𝐝
When probed in Parliament on 14 January 2026 by both myself and the Leader of the Opposition, Sir Joe stated that Community Credit Union Limited ‘provides funding to private sector projects that promote economic and social benefits to Gibraltar’. Furthermore he stated that it did not form part of his National Economic Plan but that it was ‘an initiative from the business community’. This raises some serious concerns as to what sectors of the business community have lobbied for the creation of Community Credit Union Limited so as to obtain credit.
On 15 January 2026, the Chief Minister in answers to questions stated that Community Credit Union Limited did not actually hold a money lending licence but that he, as Minister of Finance, had granted
it an exemption under s 30 (1) (e) of the Financial Services (Money Lending) Act ‘on the basis that they are acting in the public interest of Gibraltar and its people’.
Sir Joe Bossano made it clear that he authorised political investment of Savings Bank money into Community Credit Union based on business cases presented to and evaluated by the Treasury Department. When asked as to why this scheme was not advertised to the general business community Sir Joe responded ‘the reality is that without advertising people approach me so why should I have to advertise it?’. As to whom Community Credit Union Limited is lending money?.. the Chief Minister responded that ‘as this is not a Government-owned company, we are unable to provide this information’. So we have a situation where Sir Joe makes decisions to fund projects backed by Community Credit Union Limited, evaluated by Treasury but the Government claims to have no information as to the lending activities of the company.
This game of smoke and mirrors is compounded by the widely repeated observation on Main Street that the Savings Bank has provided loans to a private business group that have been buying a considerable number of local businesses (a least one of which has a substantial Government contract) in recent months.
𝐓𝐡𝐞 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐉𝐨𝐞
In the final analysis Community Credit Union Limited is nothing more than ‘The Bank of Joe’ in which Sir Joe Bossano is the sole judge as to whether loans it grants to businesses are to be financed by the Gibraltar Savings Bank or not. It may be that there is sound financial logic to providing finance in this way through Community Credit Union Limited, but given the secrecy surrounding its creation and evident closed group of business interests that has access to it, it begs the question why? Why is the Bank of Joe even necessary given the existence of Credit Finance Company Limited which is owned by the Government and has a Money lending licence? Why if this lending is so profitable it is done through the GCIL charitable structure outside the control of a Government elected by the people? Who asked for the creation of the Bank of Joe? and who is really benefiting from its financial support? At a time of great financial uncertainty for the general business community, given the EU Treaty, some may ask why is it that the Bank of Joe is only for the select few and not open to all? In this respect the inclusive approach of the Bank of Dave had it right where this GSLP Government continues to get it wrong.