At a meeting of the Gibraltar Financial Centre Council (the overriding body that represents all associations in the Finance Centre) held on Tuesday the 8th June 2020 local Barrister Marc Ellul was re-elected for an unprecedented third term as Chairman. Local Barrister Nick Cruz resigned from his position in the Association of Trust and Company Managers (after more than 20 years of service) to allow him to stand as Deputy Chairman, to support Mr Ellul. Both were unanimously elected. Mr Ellul’s re-election required an amendment to the GFCC Constitution, that now allows for a 3rd term in exceptional circumstances. The council unanimously recognised that the Coronavirus Pandemic and the threat to the economy, caused by the necessary measures introduced to deal with the health crisis, created such exceptional circumstances. Mr Ellul with the assistance of Mr Cruz have been attending the Governments CELAC Committee, a committee of Trade Associations and Unions that has been assisting the Government with feedback on how to address the economic challenges that Gibraltar has faced and will continue to face.
The Finance Centre has remained with the Gaming Industry (and others) in the excluded sector. It has voluntarily had very limited assistance from the Government’s Beat Covid-19 measures. Its members have remained robust and resilient. However this sector, that account for most private sector high end jobs in Gibraltar, faces very severe challenges in the face of the economic slowdown caused by the Pandemic. It has contributed massively to the Government “think tank” Task Force Future, proposing ideas that will be vital to improve the Gibraltar product, so as to continue to provide the engine room to the economy that Gibraltar depends on.
Press Contact: Marc Ellul 20070921
Nick Cruz LLB, TEP