The Nationalist Party today called on Bank of Valletta to explain why it decided to grant Parliamentary Secretary Michael Falzon a special early retirement deal.

Addressing a news conference, shadow minister Claudio Grech said that now that the bank admitted this was a unique deal it needed to explain to its employees and shareholders how and why it granted it.

Dr Falzon, a former employee of the bank, was given an early retirement payout of €260,000.

His contract also had a unique clause allowing him to return to his job if he stepped down from his political post.

Mr Grech said that good governance dictated that Dr Falzon should have been given long leave and not a payout.

"We cannot understand what made the bank set special conditions, which discriminated over other employees, for Dr Falzon," shadow minister Jason Azzopardi said.

He added that the BOV deal is the second scandal involving Dr Falzon following the unfolding Mark Gaffarena scandal.

Dr Azzopardi said Dr Muscat should sack Dr Falzon immediately.

MP Kristie Debono said that through this inexplicable decision BOV was risking denting its credibility.

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