The Nationalist Party said today that Bank of Valletta should come clean with its shareholders by giving them all the information necessary about various controversies in which the bank has been making the headlines.

PN deputy leader Mario de Marco, shadow minister for finance, said the bank should put shareholders' minds at peace that it was not taking unconventional risks, such as that reported by The Malta Independent last week about unsecured loans given to Air Malta to buy fuel. The bank's reputation is going down the drain with the revelation of such stories, he said.

Claudio Grech, shadow minister for economic affairs, asked what kkind of due diligence exercise had been carried out before €100 million were loaned to Electrogas. What will happen if the Europe Union considers ythis as being state aid, he asked, adding that it is clear that the government had to intervene directly to fund the new power plant as other banks have refused to provide the necessary funding. 

Mr Grech said that the news that the lead partner in the power plant project, Gasol, was is in serious financial difficulty continued to boost the suspicion that BOV had to intervene to save the political future of the prime minister.

Marthese Portelli, shadow minister for energy, said that BOV has also not explained why Parliamentary Secretary Michael Falzon was given a €260,000 golden handshake with a special clause to enable him to return to the bank if he loses his Cabinet position. She said that the government should publish the contracts on the power station as well as Enemalta's financial statements for 2012, 2013 and 2014.

Kristy Debono MP said Bank of Valletta should strictly follow sound banking practices. She said that Dr Falzon was not given a termination benefit, but a four year payment in advance. And yet the bank was now not finding any money to publish the BOV review, a publication that had been in circulation for 25 years.