The Malta Independent reported that despite all the shortcomings in the operations of the MFSA particularly those that came up recently, Prof Bannister wants to remain at the helm of the Country’s now shameful Authority. http://www.independent.com.mt/articles/2017-05-06/local-news/MFSA-chairman-Joe-Bannister-not-ready-to-resign-after-TMI-story-6736173907
If one analyses the different scenarios starting years back, one may reasonably conclude that this man has been in control of the country’s Prime Ministers. Dr. Gonzi and Dr. Muscat had agreed that although there is a clear conflict of interest in his role he was to remain in his position. We were never told the logic or reasoning behind it. They agreed to remain silent. Later, we discover that the MFSA gave a license to a bank in relation to which other Authorities in EU member states were recommending otherwise. Dr. Gonzi was appointed Director of this Bank. Today the bank is in administration and no one carried any responsibility.
Fast forward one Government term and MFSA granted an undue license to Pilatus Bank. It is now alleged that this bank was being used by various PEPs connected with Prime Minister Muscat. This bank is accused of money laundering amongst other things and again no one carries any responsibility.
This certainly is food for thought, and a dangerous one.
Over the years we had calls for removal of Prof Bannister from Chairman. The call came from various individuals, including members of Parliament, the industry and international organisations.
He is now apparently comfortable that his tenure has not ended and it will be extended for another term. If Muscat is elected, then he has no problem, as he obliged various times and there exists circumstantial evidence that he is in control of Muscat. If the PN is elected, apparently he is already under the protection of some strong Nationalist candidates, albeit it does not seem to be that of the leader of the Forza Nazzjonali. However, he may be confident he is in hold of this party too. This is happening while the financial services industry is heading into an unprecedented crisis.
Is it possible that this person is untouchable in spite of everything!? If any leader wants to make us believe that this country will be managed with good corporate governance, transparency and meritocracy than they should commit for an investigation on Bannister, his cronies and similar persons engaged into in the last 10 years at least. Will leaders have the courage to stop this shame?