Government deposits in Gibraltar Savings Bank DOWN!

The Gibraltar Savings Bank is accounted for through a Government Special Fund-the Savings Bank Fund.

Net income from operations during the year ended 31 March 2016 was £6.76 million, compared with net income of £7.89 million during the previous year. There was a capital gain on the fund’s investments of £0.03 million.

Crown Agents investment management charges totalled around £0.34 million (0.2% of the fund assets managed in UK).

The net increase in reserves during the year was £6.79 million. The end of year reserves stood at £25.83 million.

At the year-end, the deposits of the bank, excluding £3.10 million of accrued interest, stood at £987.10 million. The previous year-end figure totalled £970.95 million.

The level of overall non-Government Deposits stood at £909.5 million. The increase of £75.2 million over the previous year is mainly the result of the issue of Gibraltar Savings Bank debentures.

Government deposits in the Gibraltar Savings Bank were down by 43.2% reflecting a decrease in the level of Government liquid reserves held by the bank.

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