Enemalta Corporation has almost €600 million in outstanding loans
The total number of outstanding loans for Enemalta Corporation, the corporation which generates electricity in Malta, as at March 2010 stood at €581 million
15 July 2010, 12:00am
Charlot Zahra
Charlot Zahra
2 min read
The loan figure was made available by Finance Minister Tonio Fenech as he was answering a parliamentary question by Labour MP Evarist Bartolo, to provide a detailed list of all the government entities that had been given a loan facility since June 1987.
Bank of Valletta (BOV) had almost 60% of the total exposure with Enemalta at €325,571,579. Of these, Enemalta had a general banking facility from BOV totalling €41million which is still open. Moreover, Enemalta has got two there other loans totalling €166 million.
The first BOV loan – a €39million one, has a duration of seven years and expires on 30 March 2013. The second BOV loan -- € 100 million one, has a duration of ten years and expires on 30 April 2018. The third loan – a €27 million one, has a duration of 15 years and expires on 15 December 2024.
Besides the loans, Enemalta also has with BOV a revolving credit facility totalling €20 million, which has a duration of five years and expires on 30 April 2013. Moreover, Enemalta also has two short-term overdraft facilities totalling 23, 571,579, both of which expire on 30 June 2010. In addition, Enemalta has got with BOV another short-term loan totalling €75 million which closed on 30 June this year.
HSBC is exposed to a total of €71 million with Enemalta Corporation. There is a €37 million general banking facility for electricity, another €25 million general banking facility for petroleum, and a €9 million forward exchange facility, all of which are open.
Church bank APS has a total exposure with Enemalta of €17,766,144. There is a €1,165,000 general banking facility for electricity, a €4,660, 000 general banking facility for petroleum, a loan of €1,941,144, and another revolving loan of 10million, all of which are open.
Volksbank is exposed to a total of €2,000,000 with an overdraft facility for petroleum which is open. Irish-German bank DEPFA, which is specialised in offering loans to the public sector for large infrastructural projects, is exposed with Enemalta to a total of €150 million, of which there is a €110 million loan which expires on 30 June 2015 and an unspecified €40 million loan. Finally, the European Investment Bank is exposed with a €150 million loan, of which only €15 million has been drawn.
The other major utility in Malta, Water Services’ Corporation (WSC), also had a massive outstanding debt of €113,841,137. Here the risk is evenly spread between HSBC with a loan of €36,571,163 million, BOV with a loan of €37,269,974 and a European Investment Bank with loan of €40 million.
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Thank you Mr.Trantor why are you laughing in the photo you should have been CRYING not laughing for all those LOANS you did when you were chairman of ENEMALTA
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I don't know how BOV is going to gather these money from Enemalta and WSC when they are BANKRUPT .Dear charmain of BOV can you tell us how you are going to get your (OUR) Money back when these 2 Corporation are Bankrupt and Enemalta is going to borrow another 250 MILLIONS more for the extension of the power station
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I wonder how many hundreds of millions or shall we say billions of euros debt we have yet to learn of.
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I don't know how Enemalta don't be ashamed of themselves and I'm going to tell you why (1) How much fuel we are wasting at Sliema and in Gzira and the areas around in the morning they switch of the LIGHTs at Half past 6 (6:30 am ) why are you doing this who is responsible for this DISGRACE because at Half past 5 (5:30) there is no need to let the LIGHTS ON so please for the sake of GOD switch of the LIGHTS before ( 6:30) this is all waste of MONEY and we are paying for it
Mark Fenech •
In my time I used to advise that photographs should be taken only when loans are paid. To celebrate taking a loan or overdraft facility is just telling people how pleased you are by being a debtor.
The last audited report of Enemalta showed that the Corporation has negative net assets, therefore all the assets (even any chair) do not belong to the Corporation, but to the financial institutions which were granting loans and overdraft facilities to he Corporation.
What is very disappointing is nowadays, the Enemalta Act is being disregarded and no auditied accounts and estimates are being placed on the table of the house in time and the opposition is not even challenging this default which is very serious. Why should Enemalta be allowed not to operate within the law which has established this important commercial body.
Luke Camilleri •
Just like another Gonzipn state of the art figure- Malta’s national debt hitting €4 billion figure and that is after selling off or practically giving awy at give-away prices all the national Assets, as if these where NATIONALIST party assets and not National.
