Gibraltar Savings Bank

Gibraltar Savings Bank

Date : 

Gibraltar Savings Bank

The PDP welcome the opening of the Gibraltar Savings Bank and congratulate the Government on this initiative.

The PDP, had it been elected, would have also carried out its manifesto commitment to open a Gibraltar National Bank. It is important that at a time that other international banks that are located in Gibraltar increasingly move towards a private banking focus with centralised instructions, alternatives are available for both companies and individuals.

A local Bank with local management and a clear understanding of local conditions and economics is required to provide quality retail and personal banking at reasonable but nevertheless commercial rates.

Unfortunately international banks driven by international considerations and centralised statistical information, often do not have neither the desire nor the capacity to provide traditional banking services, based on local considerations. Inevitably this causes a void in the market that needs to be filled for Gibraltar to realise its economic potential. Moreover, lending limitations based not on local risk assessment, but rather local quotas inevitably create a brake on home ownership and real-estate development.

However, the PDP believe it is an essential ingredient to a successful Gibraltar Bank that it is treated as independent from the Government both in terms of management and importantly, regulation. Any other course could distort the level playing field and could negatively impact on the decision of international banks to continue to prosper and retain their establishment in Gibraltar both of which are vital to Regulation by the Financial Services Commission and arm’s length Corporate Governance are the pillars of all finance centre businesses and the fact that the Government is the protagonist of this Bank should not impact on this basic principle.

No doubt the Government will shortly announce its plans for the Gibraltar Savings Bank and confirm that such considerations will be part of its plans. The PDP looks forward to such announcements.

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