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It was Flores who said he didn't know exactly how many cases there were with Jyske Bank, but it was between 20 and 25. Then I asked the Financial Services Commission of Gibraltar whether it had heard allegations from interested parties, their organisation or their attorneys and whether it had investigated the reverse mortgage arrangements.
While I am sure Mr Killick's answer is entirely right in the legislative terms, whether it is moral or in the good interests of Gibraltar is another question. Again, I would like to point out that in November 2011 Lawbird filed a case in the Spanish High Court against ten of the world's leading financial institutions - the British SLNMB, Danske Bank, Nordea Bank, Lex Life & Pension, Landsbanki, Finansbanken, Sydbank, N H Rothschild & Sons, Swiss Life and, of course, Jyske - which was dismissed.
Mr Flores affirmed that the credits had been taken out in Spain, so it was the Banco de España and not the FSC that were in charge. However, the vast majority of Britons on the Costa del Sol know Jyske because of its location in the main street. Even the fact that it was a well-known banking institution located in Gibraltar would have given them the necessary trust.
Advertisement now emerging on the Costa del Sol and among the ex-Pat municipalities throughout Spain will have a detrimental effect on our financial centre and the rock itself. It is not the first case that Jyske has violated the rules of the State. It imposed heavy fines on Jyske Bank Gibraltar Ltd for serious infringements of a 1993 Act.
Penalties amounted to 800,000 and 900,000 Euro respectively. The Jyske Bank filed an appeal, which was eventually dismissed by the Sala de lo Contencioso-Administrativo of the Tribunal Supremo. The BOP declared that 800,000 euro had been collected for refusing or resisting to supply written information with the 900,000 euro required for violation of the reporting requirement for certain operations.
I am now sure that the FSC was on its own in this case because the crimes took place in Spain and the FSC was treated properly by the IPA. However, as the BOP clearly established that it was Jyske Bank Gibraltar Ltd, the sanction was imposed and in some way, as Gibraltar in its name the Rock's fame was also punished.