Malta Today has woken up at last to news reported on this website last week

Published: January 15, 2014 at 12:34pm

Matthew Vella Malta Today Central Bank

It’s about Sandro Demarco’s appointment to a post that was created especially for him (a second deputy governor of the Central Bank) when the government discovered that it could not demand the resignations of the incumbent deputy governor and of the governor himself because these positions are accountable/answerable to the European Central Bank and not to the government of Malta.

Demarco had worked on a Labour Party report about water and electricity tariffs without informing the Central Bank (where he works) and was brought before the bank’s disciplinary board, which found that he should have exercised more caution and prudence before accepting to review the Labour Party’s report (“a report on a matter which could lead to public controversy”) and that he should have notified the bank of his involvement and sought prior approval.

Demarco was ordered to assure the bank, within two weeks of his being instructed to do so, of his continued loyalty, dedication and commitment, to declare that he understood the Central Bank’s position on the matter, and to pledge that he would not do the same again. He did not do so.




5 Comments Comment

  1. Jozef says:

    If the position of deputy governor is accountable to the ECB, to whom will this other deputy governor Demarco report?

  2. vanni says:

    Courtesy dictates that sources are acknowledged. But the rag doesn’t know what that word means.

  3. Foggy says:

    He should have been sacked on the grounds of lack of trust by the Governor when he refused to sign the pledge.

  4. Last Post says:

    “… was Labour consultant accused of disloyalty by former CBM governor.”

    The implication (or suggestion) being that he was somehow hounded and harassed by former (i.e. previous Nationalist) CBM governor, and so now he gets his deserved appointment.

    This couldn’t be farther from the truth.

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