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Chairman’s Report

Annual Report 2010

I have pleasure in presenting the Annual Report of the Gibraltar Investor Compensation Scheme for the period ending 31 December 2009.

This report is made in accordance with Section 7 of the Investor Compensation Scheme Act 2002 (the Act).

There have been no cases in 2009 that have caused the Scheme to be triggered or that have required action on the part of the Board.

The Board opted to retain the scheme’s insurance cover, which will become payable when the Commissioner declares a participant in default as prescribed by the Act.

The insurance premium payable this year, although no change to the level of cover which stands at 2.5 million Euros, has been reduced from that paid for 2009 following successful negotiations with the insurers.

The Board will continue to work with Government, industry and other stakeholders to ensure the operation of the scheme remains efficient, effective and appropriate for Gibraltar.

Details of the current Board, whose appointments were effected 2 August 2009 for a two year term, are provided in the report and financial statements.          

Marcus Killick
Chairman
Investor Compensation Scheme

Report and Financial Statements - 31 December 2009