Cash-rich, debt-free: Who’s who in Abela’s Cabinet

Michael Falzon has €626,000 in his bank accounts and no debt, making him by far the cash-richest minister, according to his declaration of assets.

The Social Policy Minister has two savings accounts with Bank of Valletta denominated in euro and another savings account denominated in Sterling.

Ministers filed their declaration of assets in parliament last week, listing the propertythey own, shareholding and bonds, income, bank deposits, debt and directorships.

In this exercise, MaltaToday looked at cash deposits and other instruments such as life policies, pension funds and other investment funds to understand how liquid Robert Abela’s Cabinet is.

The newspaper also took note of the ministers’ debt positions, excluding credit cards and overdrafts. Eight ministers declared having no outstanding loans to pay.

Bank deposits

Falzon, 61, comes on top with a cash-rich position and no outstanding loans. He also holds shares in Mapfre Middle Sea plc and Bank of Valletta, his former employer.

He is followed by Energy Minister Miriam Dalli who declared €445,000 in cash deposits that include savings attested to her children’s names. Dalli, 46, a former MEP, did not identify the banks where she holds accounts but has no outstanding loans and holds no shares or bonds.

Prime Minister Robert Abela is third in line with cash deposits of €389,000 and no debt.

Abela, 45, declared savings of almost €387,000 in two Bank of Valletta accounts, just under €1,300 in a BNF account and €754 in two Lombard Bank accounts.

The Prime Minister also declared having no outstanding loans. He holds shares in HSBC Malta, bonds in Hili Properties plc and Malta Government Stock.

Deputy Prime Minister Chris Fearne, 60, comes in a close fourth with €326,000 to his name or held jointly with his wife. Fearne has no outstanding debt either.

He has €124,000 to his name or held jointly with his wife in bank accounts. He did not identify the banks holding his accounts. Fearne also declared having €160,000 in a Lombard Bank investment portfolio held in his own name and a BOV Lifelink policy valued at €42,000. The Health Minister also holds APS Bank bonds and Malta Government Stock.

Fearne also listed his wife’s assets, which include €154,000 in bank deposits and €160,000 in a Lombard investment portfolio.

In fifth place is surgeon Jo Etienne Abela, who was elected to parliament for the first time in the 2022 election.

He has cash holdings of €283,000, including money denominated in Sterling and deposited in an account held with HSBC Bank UK. Abela has €279,000 deposited with HSBC Bank Malta and almost £4,000 with HSBC UK.

The Active Ageing Minister holds no shares and investments, and is also debt-free except for a VISA Gold Card issued in the UK.

The figures show that the top fivers are all debt-free. However, they are joined by parliamentary secretaries Alicia Bugeja Said, Chris Bonett and Keith Azzopardi Tanti, who also reported having no outstanding loans.

Loan burdens

A look at the numbers shows that the Cabinet member with the highest debt is Justice Minister Jonathan Attard with two outstanding loans worth €571,000. However, the minister also declared having €264,000 in cash deposits.

The second-most indebted minister is Ian Borg. The Foreign Minister has loans totalling €542,000 that were used to acquire five properties since 2010.

Borg has bank deposits of €23,000 and no further investments. He did not identify the banks with which he has accounts.

However, the minister declared that his wife is in the catering business, emphasising that the couple do not have a separation of assets. The catering business is not identified.

A close third in terms of debt is Gozo Minister Clint Camilleri with outstanding loans totalling €523,000. Camilleri reported €131,000 in bank deposits with HSBC and BOV, and $1,101 (€997) in an investment account with Michael Grech Financial Investment Services.

Camilleri holds units in a Malta Government Bond Fund offered by HSBC but the minister is also property-rich, having inherited from his deceased father several shares in buildings, land and garages.

Camilleri declared rental income worth €22,000 alongside his ministerial salary.

Fellow Gozitan minister, Anton Refalo, the longest-serving MP in parliament at the moment, has the fourth highest debt with €438,000 in outstanding loans.

Refalo, who is agricultural minister, declared having €16,000 deposited in banks without identifying the institutions.

Refalo holds shares in BOV and a private company. He is also property-rich, having inherited some from his mother after she died and the rest, ostensibly bought by himself.

Fifth in line with the largest debt is Finance Minister Clyde Caruana. He listed an outstanding loan with APS Bank of €308,000. However, Caruana declared €203,000 in bank deposits held in a joint account at APS Bank.

The minister holds no directorships and declared no other investments or shareholding.