While the Maltese honest taxpayers are screwed with ‘green loans,’ ‘high interest rates,’ and the footing of the bill for the €36 million loan that BOV gave in the VGH scandal, BOV registers a pre-tax profit of €251.6 million
It was in November 2016 when Daphne Caruana Galizia wrote about when former Prime Minister Joseph Muscat took a sudden trip to New York accompanied by the former Finance Minister Edward Scicluna, the current Governor at the Central Bank, who at the time was the second in command at the same bank and the Malta Financial Services Authority chief.
Daphne noted how the real purpose of this trip was “to persuade US banks not to sever their correspondent banking relationship with banks in Malta.” However, this was masked as a business-generation trip, which made Daphne grow suspicious “because the deputy governor of the Central Bank and the Finance Minister do not travel with the Prime Minister on business-generation trips, especially not to New York, and especially not accompanied by Joe Bannister.”
American banks had “been systematically shutting down their correspondent banking business with banks in Malta,” with JP Morgan and Wells Fargo shutting down their relationships in 2015.
You can read more about what Daphne’s sharp intuition had noted here and here, and how her first blog was validated even though she was badmouthed as the purveyor of fake news, and it was the usual “her word against theirs/I believe her or I believe them” hogwash that passes for rational analysis in this bizarre country.
Now there is a remark that Daphne wrote that should raise our eyebrows and ring a bell:
“Though HSBC Bank Malta has the advantage of being able to go through HSBC Global, the Bank of Valletta, which has to build and manage its banking relationships independently out of Malta, has been reduced to just the one US correspondent bank. Correspondent banks in other jurisdictions are essential for the making and receiving of payments. Without correspondent banks in the United States, Maltese banks cannot process US-related and dollar-based transactions.”
Let us remind ourselves that it was the same Bank of Valletta, that has been reduced to just the one US correspondent bank, to issue “the loan to Steward Health Care [a US healthcare giant]only after the government gave its full guarantee,” and this means that we, the “taxpayers, will have to foot the bill for a €36 million loan Bank of Valletta gave to the concessionaire in the hospitals’ privatisation deal,” as explained to The Shift by a senior official at the bank while explaining that the bank’s risk was covered.
The Shift added that in the case of Steward’s bankruptcy, BOV “is still fully covered as the government will be forced to make up for any shortfall.” The Maltese taxpayers and honest citizens of good faith are screwed.
And while the Maltese honest taxpayers of good faith are screwed, BOV registered a pre-tax profit of €251.6 million, a record for the same bank, with the same bank, registering “significant improvement in the operational revenue, mostly attributed to the net income from interest rates for the year 2023, with the whole operational income amounting to €441 million—an increase of €147 million over the previous year.”
BOV CEO Kenneth Farrugia attributed this bank’s performance to two factors. The first is “the tailwinds of interest rates” and the growth of “green loans” – the carrots being given to people so that they become slaves to the climate hoax and fat lie in their green initiatives like electric vehicles, photovoltaic panels, energy-saving insulation, and double-glazing.
Everything is connected, and everything is about money and power. It has nothing to do with the environment or whatever reason they give you.
These banks, which run a Jewish system of money-lending, and the bankers, are the problem and the main culprits of unprecedented evil in this slavery system of totalitarian control, which makes sure that honest taxpayers and honest workers of good faith are screwed from all angles.
While the Maltese honest taxpayers are screwed with ‘green loans,’ ‘high interest rates,’ and the footing of the bill for the €36 million loan that BOV gave in the VGH scandal, BOV registers a pre-tax profit of €251.6 million
It was in November 2016 when Daphne Caruana Galizia wrote about when former Prime Minister Joseph Muscat took a sudden trip to New York accompanied by the former Finance Minister Edward Scicluna, the current Governor at the Central Bank, who at the time was the second in command at the same bank and the Malta Financial Services Authority chief.
Daphne noted how the real purpose of this trip was “to persuade US banks not to sever their correspondent banking relationship with banks in Malta.” However, this was masked as a business-generation trip, which made Daphne grow suspicious “because the deputy governor of the Central Bank and the Finance Minister do not travel with the Prime Minister on business-generation trips, especially not to New York, and especially not accompanied by Joe Bannister.”
American banks had “been systematically shutting down their correspondent banking business with banks in Malta,” with JP Morgan and Wells Fargo shutting down their relationships in 2015.
You can read more about what Daphne’s sharp intuition had noted here and here, and how her first blog was validated even though she was badmouthed as the purveyor of fake news, and it was the usual “her word against theirs/I believe her or I believe them” hogwash that passes for rational analysis in this bizarre country.
Now there is a remark that Daphne wrote that should raise our eyebrows and ring a bell:
“Though HSBC Bank Malta has the advantage of being able to go through HSBC Global, the Bank of Valletta, which has to build and manage its banking relationships independently out of Malta, has been reduced to just the one US correspondent bank. Correspondent banks in other jurisdictions are essential for the making and receiving of payments. Without correspondent banks in the United States, Maltese banks cannot process US-related and dollar-based transactions.”
Let us remind ourselves that it was the same Bank of Valletta, that has been reduced to just the one US correspondent bank, to issue “the loan to Steward Health Care [a US healthcare giant]only after the government gave its full guarantee,” and this means that we, the “taxpayers, will have to foot the bill for a €36 million loan Bank of Valletta gave to the concessionaire in the hospitals’ privatisation deal,” as explained to The Shift by a senior official at the bank while explaining that the bank’s risk was covered.
The Shift added that in the case of Steward’s bankruptcy, BOV “is still fully covered as the government will be forced to make up for any shortfall.” The Maltese taxpayers and honest citizens of good faith are screwed.
And while the Maltese honest taxpayers of good faith are screwed, BOV registered a pre-tax profit of €251.6 million, a record for the same bank, with the same bank, registering “significant improvement in the operational revenue, mostly attributed to the net income from interest rates for the year 2023, with the whole operational income amounting to €441 million—an increase of €147 million over the previous year.”
BOV CEO Kenneth Farrugia attributed this bank’s performance to two factors. The first is “the tailwinds of interest rates” and the growth of “green loans” – the carrots being given to people so that they become slaves to the climate hoax and fat lie in their green initiatives like electric vehicles, photovoltaic panels, energy-saving insulation, and double-glazing.
Everything is connected, and everything is about money and power. It has nothing to do with the environment or whatever reason they give you.
These banks, which run a Jewish system of money-lending, and the bankers, are the problem and the main culprits of unprecedented evil in this slavery system of totalitarian control, which makes sure that honest taxpayers and honest workers of good faith are screwed from all angles.
These are indeed dark and bad days for Malta.