Alfred Mifsud appointed Central Bank deputy governor

Economist Alfred Mifsud has been appointed deputy governor of the Central Bank, responsible for monetary affairs, for a period of five years.

MaltaToday had reported that Mifsud, 63, was being touted for the role of Central Bank governor, to replace incumbent Josef Bonnici, a former Nationalist minister and member of the European Court of Auditors when his term expires in July.

Mifsud takes up the post previously held by Alfred Demarco.

Mifsud had previously declared his interest in taking up the role of second deputy governor at the Central Bank, a post created by finance minister Edward Scicluna. The post is currently occupied by Alexander (Sandro) Demarco, appointed at the beginning of 2014.

Mifsud, a former Mid-Med Bank chairman, is the owner of investment services firm Crystal Finance Investments, where Prime Minister Joseph Muscat was employed for some time before becoming MEP.

Mifsud has been involved in banking and finance for decades, having been an opponent of the HSBC takeover of Mid-Med Bank in 1999. His association with the Labour Party saw him chairing the party’s fund-raising committee between 1992 and 1995, and then chairing One Productions between 1999 and 2001.

Mifsud has held various directorships with companies such as AIB insurance, Eurojet, Middlesea Insurance, C. Fino 7 Sons, Amalgamated Investments plc, Bay Street Finance, Allcare Insurance, and as a consultant to the Tumas Group he spearheaded the $150 million Portomaso project in St Julian’s.

He was governor of the financial services regulator MFSA between 1992 and 1996, deputy chairman of the Malta Hotels and Restaurants Association, a director of the Malta Development Corporation, MITTS, Maltacom plc,

As chairman of a minority investors group, Mifsud campaigned against the acquisition of Mid-Med Bank by HSBC Malta.