During last Saturday’s Dissett programme on TVM, my name was mentioned by my former banking colleague, Alfred Mifsud, along with that of Denis Degiorgio and Francis Flynn. The three of us were alleged to have stated way back in 1973 that the National Bank of Malta was run like a banka tal-lottu. I personally dispute this but cannot speak for the other two gentlemen although they were far better in the know than I was as both of them had been seconded from Barclays to the NBM to assist with that bank’s revival.

Indeed, I would add that, over the years, by agreement with the Central Bank of Malta, Bank of Valletta benefitted greatly from the secondment from Barclays (and, later, from Mid-Med Bank) of a number of senior officials to help introduce more professional banking standards and even set up their staff training centre. Even Barclays’ internal procedures handbook was passed on to them!

It is an undeniable fact that Barclays were way ahead of the NBM as regards such standards. I myself was privileged in 1958 to be entrusted with the setting up of Malta’s first bank staff training centre. Moreover, in 1973, there were already around 100 staff members who had obtained the Banking Diploma (AIB) of the London Institute of Bankers while the NBM group had just one staff member about to attain this qualification. The NBM’s general manager held a warrant as legal procurator but no banking qualification whatsoever.

I would never have equated the NBM to a gambling den (banka tal-lottu) but cannot deny that I had serious reservations on the professionalism of their management.

A copy of this letter is being sent to the Dissett programme’s presenter, with a request that he makes a clarifying statement at the next edition of his widely followed and very professionally presented television programme.