It’s time for Bannister to go, Education Minister insists

Education Minister Evarist Bartolo is adamant that it’s time for Joseph V. Bannister to give up his role as chairman of the Malta Financial Services Authority, he post he has held since 1999.

“I’m not saying this because I am supporting anyone else but because it is simply unacceptable that a regulator spends more than 10 years in his position. It is simply not healthy,” Bartolo insisted.

Discussing the matter with Andrew Azzopardi on Radju Malta’s Ghandi xi Nghid, Bartolo denied that he was favouring Finco director Paul Bonello to replace Bannister. Bartolo claimed that Bonello had no interest in becoming MFSA chairman whilst he had no interest in supporting Bonello for the post.

“I have criticised Bannister because he’s a public person with huge responsibilities and I believe that he has failed in fulfilling his duties,” the minister said.

Bartolo has for years accused Bannister of failing to declare a directorship in a Cayman Islands company in the Malta Financial Services Authority's annual report.

Bannister has repeatedly denied any conflict of interest as director of Kairos Fund. He has denied holding any funds in the Cayman Islands and insisted that “the matter was closed” following talks between then Prime Minister Lawrence Gonzi and Joseph Muscat, then leader of the opposition, five years ago.

The minister insisted that no regulator should serve more than two terms.

“If we want to talk about good governance, we have to talk about this as well. An individual who spends 15 to 20 years in one place ends up seeing the structure their own and I’m certain they would even determine who should receive contracts,” he said.

On Facebook, independent MP Marlene Farrugia said she will move a motion in parliament if backbencher Silvio Schembri fails to summon Bannister. Schembri chairs the parliamentary committee for economic and financial affairs.

“We have a cabinet member strongly pronouncing himself. The least we can do is summon Joe Bannister. If Schembri fails to summon Joe Bannister, within the next two weeks, I will move a motion to discuss the points Bartolo has raised,” Farrugia said.

“It is too serious a situation to be ignored any further.”

During the programme, Bartolo reiterated that, beyond Panama Papers, Lux Leaks, Swiss Leaks and offshore leaks, these revelations should encourage the country in a debate.

“There is nothing illegal in what Konrad Mizzi and Keith Schembri did but there was an issue of what’s incorrect. We should be discussing setting a register for companies registered abroad – something which the government is considering. I also think that Maltese should only deposit money in countries where there is an automatic exchange of information.”