A recent publication by Mercopress , reproducing statements by the Secretary of Finance of the colonial government in Malvinas, Pat Clunie , reveals the state of monetary accumulation of the British islanders, the product of the primary fiscal surplus generated by the exploitation and sale of fishing licenses, and also the oil concessions granted in maritime areas surrounding the archipelago.
It is known that the British bank HSBC will manage the "Malvinas sovereign fund" in the order of 400 million pounds , equivalent to approximately 496.20 million US dollars . Something like 598 billion Argentine pesos.
With them, the British colony's primary objective is to undertake the construction of a multimodal port, which it has been trying to achieve for the third time; this time through the construction company KLM, whose negotiation was announced in August 2024.
According to the media outlet that has been acting as the usurping government's spokesperson for years, HSBC offers them "great competence in the management of major asset classes, with a notion of exposure to global stocks and securities, high quality of service for cash flow management and financial planning, cash management and lines of credit and competitive rates."
“The transfer of funds has been completed smoothly without any issues and HSBC is providing the Malvinas Islands Government (FIG) with a first class service team,” he said.
According to Mercopress, Clunie said that “during the assessment process, HSBC was able to demonstrate a high level of professionalism and met FIG’s specific requirements, as well as understanding the unique environment in which it operates. HSBC was able to provide strong management competence in portfolio management, cash management, financial services planning and has a strong loan management capability. The services it will provide to FIG will ensure a high quality service and will be cost-effective. The sound management of FIG’s significant sovereign wealth funds is of paramount importance, and I am confident that HSBC will be able to deliver on these results. I look forward to the development of the relationship between FIG and HSBC.”
Sources:
Mercopress
