The fact that he can get away with it and more so that his Prime Minister allows him to go on regardless speaks volumes of Malta’s fourth estate and of the disdain with which our Great Leader unashamedly treats the electorate.

So the question now is how does The Sunday Times publish a story like this without doing the simple maths and going back to the minister with more questions.

By just publishing the minister’s reply they give it credence and by not checking things out they are not serving their readers well.

.

Apparently so and this twat has been dodging them a long time

On that declared income and age bracket APS might grant him a loan of circa 100k. Repayments would have to be of about 1400 a month. BOV and HSBC would probably tell you if you furnished them with the data: i.e. age and income.

If he is 59 or 60 he should retire at 62 the most ie in two years ie 24 months.

Banks normally insist that all loans are normally paid by retirement age with installments not exceeding one third of the total income so our dear minister has only 24 months to pay his hefty loan of Euro 812,000 or Euro 33,833 a month (not considering interest rates) which would reach in the region of Euro 64000 more.

If partially secured, it is improbable that a bank would extend the amortization period beyond 25 years. Banks have rules which vary somewhat but in this case it appears that the bank has really disregarded its own established rules.

An €812,000 loan, amortized over 25 years at 3.29 % interest rate (tough to beat) requires payments of €3965 per month.

If he reported payments of €2250 per month on his Declaration of Income and Assets, then there is something awfully wrong. What is being generally ignored, is the fact that banks have yet another calculation which they do and if the applicant fails it, then the loan is not granted.

2250 x 12 = 27,000. He declared an income of €45,000. So his Gross Debt Service Ratio (GDSR) = 60%.

Which bank would grant a loan of ANY amount if, in order to pay back the loan, the yearly payments amount to 60% of his GROSS income? Remember that from the remaining 40% he has to pay income tax, buy groceries, clothing, pay cheap electricity bills, personal entertainment expenses, medical, dental and other incidental expenses.

I think that the Opposition should start hammering this idiot and if they do not, then they will look like fools.

A much deeper investigation of this man’s income, preferential bank loan, his overall assets and what the true income he is receiving from them and whether he has presented false Declarations in Parliament, is required.

[Daphne – 59/60.]