It is selfish and irresponsible for the Hon Roy Clinton to say that he is "raising the alarm" about the investment of monies from the Savings Bank.

In fact, these monies are properly invested, in keeping with the Savings Bank Act and in keeping with the provisions of the laws which the GSD and Hon Mr Clinton voted in favour of.

The acting Chief Minister, the Hon Sir Joe Bossano MP said: "I have debated these matters with Mr Clinton almost every month for the last ten years.

"The depositors in the Savings Bank are aware that my policy is to invest their money in national projects in keeping with the law we amended, with Mr Clinton's support, for that purpose.“

"We specifically amended section 13 of the Savings Bank Act in 2016 for this purpose so that it expressly states that in directing investments of the deposits in the Savings Bank, preference is given to investments that will maximise the social and economic development of the community. That is what this investment of £50m exactly does in keeping with the law Mr Clinton voted in favour of.”

"There is therefore nothing over which to raise the alarm.”

"In fact, every time Mr Clinton suggests something is wrong with the Savings Bank we receive even more deposits.”

"This money is properly invested, is producing returns in excess of the sums the Savings Bank is due to pay to depositors and is less than the Savings Bank Reserve.”

"Not only is there nothing to raise the alarm over, this is an investment which shows we are right to pursue our policy of investing in national projects and securing both infrastructure investment and returns for savers, instead of simply investing outside of Gibraltar.”

"It's time Mr Clinton changed his views from thinking our savers' money is safer outside of Gibraltar than invested right here!"