Mar 12 GSD - What is happening at the Gibraltar Savings Bank?
The GSD is concerned about reports it has been receiving of local banks allegedly losing long standing (in some cases, high net worth) customers to the Gibraltar Savings Bank. If true, this would be a worrying development, especially following the concerns raised on behalf of the Gibraltar Bankers’ Association.
We have previously highlighted that the Gibraltar Savings Bank is not regulated by the Gibraltar Financial Services Commission, and in addition we have expressed concern that if it is to expand its services into mainstream banking services it should have an experienced and independent managerial team with a fully staffed compliance function. It is also noteworthy, that the Gibraltar Savings Bank does not enjoy solvency and capital buffers which protect normal banks, as required by international standards of banking regulation. All these necessary and normal requirements obviously add to the cost of doing business for an ordinary bank.
Minister Joe Bossano suffered a fall on his way to work in wet weather on Saturday morning, which saw him being admitted to the accident and emergency department of St Bernard's Hospital.
Temple Rock Fund PCC Limited launched its Experienced Investor Fund (EIF) on February 28th. The trailblazing EIF has changed the investment landscape in Gibraltar and had a far-reaching impact in other European jurisdictions since its introduction in 2005.
