Hon Not Charles Mangion, who is a close acquaintance of Prof Bannister, who recently defended the conflict of interest position in Parliament and the siblings of whom were employed by Bannister at the MFSA, has placed a rather unusual Parliamentary Question. It is unusual due to the fact that all the replies given to it are of public knowledge. One may ask how come the former Shadow Minister for Financial Services has to ask these questions. So if he does not know such basic information what sort of alternative was he?
Let us not be fooled. He is aware of all this but he wants to protect his friend Bannister by shifting the responsibility. The question seems to point that Prof Bannister has nothing to do with the mess happening and it is all fault of the supervisory council. The Supervisory Council, headed by the Director General, is exclusively responsible for licencing, supervision and regulation and is composed of the Directors responsible for Authorisation, Banking Supervision, Conduct Supervision, Securities and Markets Supervision, Insurance and Pensions Supervision, and Regulatory Development. Operations are the responsibility of the Board of Management and Resources composed of the Directors responsible for Communications, Human Resource Development, Information Technology and Administration chaired by the Chief Operations Officer. Co-ordination between these three organs is ensured at Co-ordination Committee level.
So Hon Charles Mangion asked the Minister to tell the general public that the Chair of MFSA has nothing to do with the operation. Prof Bannister should answer to questions such as who pushed the chess moves promotions? Today they are all afraid to do anything that is not in line with his policy or doings of the colossal Prof Bannister. They feel their job threatened every time they try to question things, even if this goes against their principles or if they are putting their professional reputation at risk. The Supervisory Council is supposed to be an independent Council but Bannister made sure it is not. Even if it was, Bannister needs to carry the responsibility of the employment and promotion of all its components.
So we hope that Hon Not Charles Mangion stops insulting our intelligence. Hon Minister Evarist Bartolo is right in saying Bannister has a conflict of interest and that his position is untenable. Prof Bannister did not reply to any of the other responsibilities he did not carry including Global Capital matter, Nemea Bank matter , the six digit account held by an MFSA official, Mediterranean Investment Holdings, the penalties at the Registrar, the International Tax Unit, the unnecessary travel and the chess moves promotions.
The only defence he seems to have found is the shifting of responsibility on the employees No wonder he has also ensured that the employees are in no way unionised. This has become a true one man republic which is ruining the Financial Services Industry.