Issue link: https://maltatoday.uberflip.com/i/1498223
12 NEWS maltatoday | SUNDAY • 30 APRIL 2023 MICHAEL Falzon has €626,000 in his bank accounts and no debt, making him by far the cash-richest minister, accord- ing to his declaration of assets. The Social Policy Minister has two savings accounts with Bank of Valletta denominated in euro and another savings account de- nominated in Sterling. Ministers filed their declara- tion of assets in parliament last week, listing the propertythey own, shareholding and bonds, income, bank deposits, debt and directorships. In this exercise, MaltaToday looked at cash deposits and oth- er instruments such as life pol- icies, pension funds and other investment funds to understand how liquid Robert Abela's Cab- inet is. The newspaper also took note of the ministers' debt positions, excluding credit cards and over- drafts. Eight ministers declared having no outstanding loans to pay. Bank deposits Falzon, 61, comes on top with a cash-rich position and no out- standing loans. He also holds shares in Mapfre Middle Sea plc and Bank of Valletta, his former employer. He is followed by Energy Min- ister Miriam Dalli who declared €445,000 in cash deposits that include savings attested to her children's names. Dalli, 46, a former MEP, did not identify the banks where she holds ac- counts but has no outstanding loans and holds no shares or bonds. Prime Minister Robert Abela is third in line with cash depos- its of €389,000 and no debt. Abela, 45, declared savings of almost €387,000 in two Bank of Valletta accounts, just under €1,300 in a BNF account and €754 in two Lombard Bank ac- counts. The Prime Minister also de- clared having no outstanding loans. He holds shares in HSBC Malta, bonds in Hili Proper- ties plc and Malta Government Stock. Deputy Prime Minister Chris Fearne, 60, comes in a close fourth with €326,000 to his name or held jointly with his wife. Fearne has no outstanding debt either. He has €124,000 to his name or held jointly with his wife in bank accounts. He did not identify the banks holding his accounts. Fearne also declared having €160,000 in a Lom- bard Bank investment portfo- lio held in his own name and a BOV Lifelink policy valued at €42,000. The Health Minister also holds APS Bank bonds and Malta Government Stock. Fearne also listed his wife's as- sets, which include €154,000 in bank deposits and €160,000 in a Lombard investment portfolio. In fifth place is surgeon Jo Etienne Abela, who was elected to parliament for the first time in the 2022 election. He has cash holdings of €283,000, including money denominated in Sterling and deposited in an account held with HSBC Bank UK. Abela has €279,000 deposited with HSBC Bank Malta and almost £4,000 with HSBC UK. The Active Ageing Minister holds no shares and invest- ments, and is also debt-free except for a VISA Gold Card is- sued in the UK. The figures show that the top fivers are all debt-free. However, they are joined by parliamenta- ry secretaries Alicia Bugeja Said, Chris Bonett and Keith Azzo- pardi Tanti, who also reported having no outstanding loans. Loan burdens A look at the numbers shows that the Cabinet member with the highest debt is Jus- tice Minister Jonathan Attard with two outstanding loans worth €571,000. However, the minister also declared having €264,000 in cash deposits. The second-most indebted minister is Ian Borg. The For- eign Minister has loans totalling €542,000 that were used to ac- quire five properties since 2010. Borg has bank deposits of €23,000 and no further invest- ments. He did not identify the banks with which he has ac- counts. However, the minister de- clared that his wife is in the catering business, emphasising that the couple do not have a separation of assets. The cater- ing business is not identified. A close third in terms of debt is Gozo Minister Clint Camilleri with outstanding loans totalling €523,000. Camilleri reported €131,000 in bank deposits with HSBC and BOV, and $1,101 (€997) in an investment account with Michael Grech Financial Investment Services. Camilleri holds units in a Mal- ta Government Bond Fund of- fered by HSBC but the minister is also property-rich, having in- herited from his deceased father several shares in buildings, land and garages. Camilleri declared rental in- come worth €22,000 alongside his ministerial salary. Fellow Gozitan minister, An- ton Refalo, the longest-serving MP in parliament at the mo- ment, has the fourth highest debt with €438,000 in outstand- ing loans. Refalo, who is agricultur- al minister, declared having €16,000 deposited in banks without identifying the institu- tions. Refalo holds shares in BOV and a private company. He is al- so property-rich, having inher- ited some from his mother after she died and the rest, ostensibly bought by himself. Fifth in line with the largest debt is Finance Minister Clyde Caruana. He listed an out- standing loan with APS Bank of €308,000. However, Caruana declared €203,000 in bank de- posits held in a joint account at APS Bank. The minister holds no direc- torships and declared no other investments or shareholding. Cash-rich, debt-free: Who's who in Abela's Cabinet Who has the most cash deposits? Who is paying off the highest debt? KURT SANSONE took a look at the asset declarations filed by ministers in parliament Most cash-rich in the Cabinet: (Clockwise from left) Michael Falzon, Miriam Dalli, Robert Abela, Chris Fearne and Jo-Etienne Abela