Labour MP Silvio Schembri has said that the parliamentary committee he chairs had no remit to probe allegations against financial services regulator Joe Bannister.

Mr Schembri was reacting to an ultimatum he was given by independent MP Marlene Farrugia to summon Prof. Bannister and Education Minister Evarist Bartolo before the economic and financial affairs parliamentary committee.

Mr Bartolo has, over the past few weeks, repeatedly called for Prof. Bannister’s resignation.

The defiance has embarrassed Prime Minister Joseph Muscat, who reappointed Prof. Bannister for another term of four years in 2014.

Dr Farrugia said last Saturday that unless Mr Schembri convened the committee within two weeks, she would present a motion for the matter to be debated in the plenary.

But Mr Schembri yesterday described Dr Farrugia’s ultimatum as “political posturing” and would have none of it.

“In this day and age Parliament should not be subjected to ultimatums… Parliament is not a boċċi club and matters like this should not be reduced to making requests on Facebook,” he said.

Mr Schembri said that he had not received a formal request from Dr Farrugia to convene the committee.

However, he insisted that the committee had no power to probe or summon individuals, since its remit was limited to discussing reports produced by various entities that focussed on economic matters.

The only person at law I am allowed to summon is the Central Bank governor to report on the European Stability Mechanism, he said.

Dr Farrugia told this newspaper that the claims from Mr Bartolo should not be swept under the carpet.

“Having been at the forefront of building Malta’s financial services sector, Prof. Bannister is not one who is easily removed but evidently there is something worrying Mr Bartolo. I would like to know what it is and to hear Prof. Bannister’s defence,” she said.