Gibraltar’s financial services continue on growth path

Gibraltar’s financial services centre has continued to grow over 2008 and 2009, two of the toughest years it the world has seen in living memory, says Chief Minister Peter Caruana. “While other finance centres shed jobs on a large scale, ours managed a small increase of 2.3% in the year to October 2008,” he told parliament in a statement in 2009.

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The employment levels were broadly maintained in the first and second quarters of 2009. There are now 103 licensed insurance operations; 63 in licensed companies and a further 40 in protected cell companies.

There are 28 intermediaries and nine managers. Gibraltar had 27 investment companies, 95 collective investment schemes, 87 licensed trust and company services providers, two pension providers and 19 credit institutions at mid-year 2009.

Caruana said he was “confident that