Issue link: https://maltatoday.uberflip.com/i/1493176
4 NEWS maltatoday | WEDNESDAY • 22 FEBRUARY 2023 4 NEWS NICOLE MEILAK HSBC Malta's accidental dou- bling of the minimum down pay- ment on home loans was a "genu- ine mistake" and not a reaction to backlash, the bank's CEO said on Tuesday. Last week, it appeared that HS- BC Malta quietly doubled the down payment requirement on home loans from 10% to 20% and increased the interest rate to 3.1%. But speaking to MaltaToday on Tuesday, CEO Simon Vaughan Johnson said that this was a gen- uine mistake when updating the website. "It was a genuine error that we needed to correct – which we did," Johnson said. Indeed, the figure on the website was updated on the same day after the bank issued a statement saying that it will continue to offer home loans in line with its proposition up to a maximum of 90% loan-to- value. Shortly after the statement was issued, the HSBC website still showed that the Classic Home Loan product would be subject to a maximum loan-to-value of 80%, meaning the customer would have to put down a 20% down payment. Later in the evening, this was changed to 90%. Johnson also added that there have been no specific changes to the bank's lending policies and re- quirements. HSBC Malta's position in Malta Despite HSBC pulling out from non-Asian markets like France and Canada, Johnson said that he still sees opportunity for safe growth in Malta. He remarked that the bank is renovating its Qormi headquar- ters, which represents the largest property investment of the bank's kind in Europe. He also said that there are no planned branch closures in Malta for the time being, with the exist- ing 12 branches to remain in op- eration. Johnson also touched on the possible removal of energy subsi- dies, saying that this would change the risk landscape in Malta. "Sub- sidies have helped support the cost of energy for all of us, with our cars and various other usages. It has been a huge support to the local community. We then need to analyse the impacts there may be for removing or reducing the subsidies." He did not elaborate on the spe- cific impacts that a removal of subsidies would entail, remarking that the effect would vary greatly between customers and sectors. "But once that is removed, the cost of fuel will go up for all of us." Overall, the outlook for the local economy is positive. "But we've seen a number of shocks in the past year and past three years of COVID-19. We have to prepare for them as much as we can, but it's very difficult when you're not sure where they're coming from." HSBC CEO says loan down payment doubling was a 'genuine mistake' Simon Vaughan Johnson insists reversal of down payment doubling notice was not a reaction to backlash, says no changes have been made to the bank's home loan lending policy MATTHEW AGIUS SIX men have been charged in connec- tion with several thefts targeting a tobacco warehouse in Mriehel. Carlos Pace 21, from Marsa, James Azzo- pardi 33, from Qormi and Leon Calleja, 21, from Birkirkara all of whom said they were unemployed, were arraigned before mag- istrate Claire Stafrace Zammit, together with self-employed businessman Daniel Vella, 21 from Zejtun, construction work- er Jonathan Degiorgio, 37, Sta Venera and ERA environmental protection officer Joe Mark Merceica, 29, from Zabbar on Tues- day morning. Pace, Calleja and Vella are accused of stealing tobacco products from a ware- house in Mriehel in October 2022. Pace, Azzopardi and Degiorgio are accused of attempting to rob the same warehouse in January 2023. Pace and Azzopardi are accused of again targeting the same ware- house a week later. Azzopardi alone is further charged with stealing a Maruti jeep from Qormi, driving a Ford Transit van using another vehicle's number plates, without insurance cover and with breaching four separate sets of bail conditions. Merceica alone was charged with con- cealing four packets of smuggled cigarettes inside a Xghajra snack bar and inside a ve- hicle. Degiorgio was also accused of breaching four sets of bail conditions, while Azzopar- di, Calleja and Mercieca were additionally accused of recidivism. Police inspector Joseph Mercieca, prose- cuting together with inspectors Christina Delia and Ritienne Gauci, explained that the warehouse in question had first been targeted in October last year. Two more thefts from the same warehouse had fol- lowed in January. The inspector said that Carlos Pace was the first to be identified from CCTV and arrested. Degiorgio was subsequently identified as being involved in one of the subsequent thefts and also taken into cus- tody. Police investigations then led to the arrests of the other men. Joe Mark Mercieca had been found to be in possession of four packets of cigarettes from the stolen batch. He is facing addi- tional charges of receiving stolen goods and customs offences. Pace and Vella pleaded guilty to the charges and were released on bail, pend- ing sentencing against a €500 deposit and a €5,000 personal guarantee each. They were also ordered to observe a curfew. Lawyer Franco Debono asked for bail on behalf of Degiorgio. Inspector Mercieca pointed out that the man was already un- der several bail decrees, but conceded that his part in this crime was "relatively small." The court, however, said it did not feel that Degiorgio should be granted bail at this stage, refusing the request, but ap- pointed a probation officer to report on him. Lawyer Roberto Spiteri requested bail for Joe Mark Mercieca, arguing that the charges against his client were "not very serious" and the evidence had already been preserved as part of the inquiry. The prosecution did not object. The man was released on bail against a €500 deposit and a €5000 personal guarantee. The court also released Calleja on bail, under the supervision of a probation of- ficer. He was ordered to sign a bail book three times a week and observe a curefew. His bail was secured by a €500 deposit and a €5000 personal guarantee. James Azzopardi did not request bail at this stage. Lawyer Michael Sciriha appeared for Az- zopardi, while lawyer Alessandro Lia rep- resented Calleja. Lawyer Franco Debono was defence counsel to Degiorgio, Pace and Vella. Merceica was assisted by lawyer Roberto Spiteri. Six charged over multiple thefts targeting tobacco warehouse Simon Vaughan Johnson