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  • Testimony of Antoine Tagliaferro (Ex-Assistant General Manager, NBM)

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    The document summarizes evidence from Antoine Tagliaferro, the former assistant general manager of the National Bank of Malta (NBM). It describes meetings that took place on December 10th and 11th between Tagliaferro, other NBM officials, and Maltese government officials including the Prime Minister. In the meetings, the Prime Minister took an aggressive stance and wanted to transfer ownership of NBM shares to the government without compensation. He threatened to hold NBM officials personally responsible if the bank went bankrupt. The Prime Minister's televised address about the situation accelerated a run on the bank. He decided to close NBM on December 12th against the advice of an official from the Central Bank.

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    CBM governor surprised at Mintoff's decision to close NBM - former bank official.

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    Testimony of Antoine Tagliaferro (ex-assistant general manager, NBM)

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    The document summarizes evidence from Antoine Tagliaferro, the former assistant general manager of the National Bank of Malta (NBM). It describes meetings that took place on December 10th and 11th between Tagliaferro, other NBM officials, and Maltese government officials including the Prime Minister. In the meetings, the Prime Minister took an aggressive stance and wanted to transfer ownership of NBM shares to the government without compensation. He threatened to hold NBM officials personally responsible if the bank went bankrupt. The Prime Minister's televised address about the situation accelerated a run on the bank. He decided to close NBM on December 12th against the advice of an official from the Central Bank.

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    76 views1 page

    Testimony of Antoine Tagliaferro (Ex-Assistant General Manager, NBM)

    Uploaded by

    sevee2081
    The document summarizes evidence from Antoine Tagliaferro, the former assistant general manager of the National Bank of Malta (NBM). It describes meetings that took place on December 10th and 11th between Tagliaferro, other NBM officials, and Maltese government officials including the Prime Minister. In the meetings, the Prime Minister took an aggressive stance and wanted to transfer ownership of NBM shares to the government without compensation. He threatened to hold NBM officials personally responsible if the bank went bankrupt. The Prime Minister's televised address about the situation accelerated a run on the bank. He decided to close NBM on December 12th against the advice of an official from the Central Bank.

    Copyright:

    Public Domain
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    EvidenceofAntoineTagliaferro(exassistantgeneralmanager,NBM) ...OnDecember10,LouisVella,DrPhilipAttardMontalto,MajorAustinCassarTorregianiandIwento (theAubergede)Castilleafterthebankclosedatabout1.30pm.Withtheprimeministerwerethe AttorneyGeneral,DrEdgarMizzi,LinoSpiteri,theFinanceMinisterNotaryJoeAbela,andMrEarlandof theCentralBank.Atthatmeetingweweresomewhatdemoralisedandwestartedtoaskwhatcouldbe done. IrecallthatLinoSpiteriorEarlandpassedapapertotheprimeminister,whichthelatterocnsidered wouldhaveanegativeeffect...theprimeministertookaratheraggressivestance.Hesaidhewantedto takeoverthesharesbelongingtotheshareholdersandthedirectorstoo.Attheprimeministersbehest theAttorneyGeneralpreparedadraftforthetransferofsharestothegovernment,ortowhoeverthe governmentordered.AndorderedHenryMicallefandLouisVellatoconvincetheshareholderstosign thistransfer...onDecember11atCastillewherethosepresentwereLouisVella,AustinCassar Torregiani,DrPhilipAttardMontalto,theprimeministerand,Ithink,DrEdgarMizziandMrEarland... (afterMrMintoff,onthenightofthe10thappearedonTVandsaidthatthepeopleshouldnotbehave likeastampedeofcowsonthebank.Thishadobviouslyacceleratedthestampedonthebank).

    ). ...BothAustinCassarTorregianiandDrPhilipAttardMontaltoprotestedagainstthetransfer(ofshares) withoutcompensation.Theprimeministersaidthatifthebankgoesbankrupthewouldholdthem responsibleandevenremovetheirlimitedliabilityandholdthemresponsiblewiththeirprivate assets...TheprimeministerappearedonTVtoaddressthenationontherun.Theeffectofthiswas bad...AtthemeetingofDecember11theprimeministerhadtoldusthathewouldclosethebankon December12.MrEarlandwasgreatlysurprisedthatthebankwouldhavetoclosedown,becausehe saidthiswouldbegreatlydetrimentaltothebank. AtoneofthesemeetingsDrAttardMontaltoandHenryMicallefrequestedtimetomakecontactwith MidlandBankandtheNationalWestminsterBanktoseektheirassistanceandtheprimeministersaidit wastoolateandrefused,andridiculedthem...

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