Issue link: https://maltatoday.uberflip.com/i/674824
WWW.MALTATODAY.COM.MT WEDNESDAY EDITION €1.00 Newspaper post WEDNESDAY • 4 MAY 2016 • ISSUE 467 • PUBLISHED EVERY WEDNESDAY AND SUNDAY EDITORIAL • PAGE 9 Tal-Villagg Cafe & Wine Lounge 77, Triq il-Forn, Lija Tel: 27427058 • 9940 4487 Email: talvillagg@gmail.com talvillagglounge Nemea Bank insists it is 'profitable and highly liquid' Online-only bank taken under administration tells MFSA to remove 'groundless' €250 limit on daily withdrawals MATTHEW VELLA NEMEA Group plc, owners of the online-only bank Nemea, which re- cently went under administration in Malta, has released its first quar- ter results for 2016 in a message to depositors about its financial state. The bank was taken under ad- ministration following an on-site inspection by the ECB that was fi- nalised in April 2016. "As a result of this joint inspection a number of se- rious regulatory shortcomings have been identified and the authority has decided to take regulatory ac- tion to safeguard the interests of de- positors and other creditors of the bank," the Malta Financial Services Authority said. "These precautionary measures will remain in place until such time as the MFSA may direct otherwise." Nemea Bank posted a €214,000 pre-tax profit in the three-month period ended 31 March, 2016, on income of €865,000. The bank has €68 million in assets, composed mainly of €30 million in loans and advances to customers and €22 mil- lion in loans and advances to banks. According to the unaudited fi- nancial position in March 2016, the bank owed €61 million to custom- ers. In 2015, the bank posted a €207,000 pre-tax profit on operat- ing income of €2.9 million. "Our group subsidiary Nemea Bank plc is a completely safe, sound, profitable and highly liquid bank. We are taking the necessary meas- ures to remove the groundless €250 daily withdrawal limit and to re- store our clients' full access to their funds," Nemea Group said. The banks' owners have requested that the MFSA remove the with- drawal limit. MaltaToday has reported that warnings on the "serious regula- tory shortcomings" at the online- only bank Nemea, which is head- quartered in Portomaso, have been pouring in from the European Cen- tral Bank for the past 12 months. PAGE 7 The bank which went into administration last week posted a €214,000 pre-tax profit in the three-month period ended 31 March Cardona and Zrinzo Azzopardi vying for Labour deputy leadership SAVIOUR BALZAN ECONOMY minister Chris Cardona (pictured left) and Grand Harbour Regeneration Corporation chairman Stefan Zrinzo Azzopardi (pictured right) appear to be the two main contenders for the vacant post of Labour Party deputy leader fol- lowing the departure of Konrad Mizzi from the post. MaltaToday is in- formed that Cardona told Prime Minis- ter Joseph Muscat he intends to run a professional campaign to win the position, holding regu- lar meet- ings with p a r t y delegates. Stefan Zrinzo Azzopardi on the other hand is depending on the backing of delegates who were allied to former planning parliamentary secretary Mi- chael Falzon. Apart from his close friendship with Falzon, Zrinzo Azzopardi – who was party president for five years be- fore the 2013 election – is also a close collaborator of Labour CEO Gino Cauchi. Toni Abela, who resigned the post after being nominated for the post of auditor in the Eu- ropean Court of Auditors and reneged on the post, is keeping his options open and this may also include considering to be co-opted to parliament if Leo Brincat is confirmed as Malta's representative on the court of auditors. If Leo Brincat is successfully appointed auditor, a casual elec- tion will be held 10 days after he vacates his ninth district seat. Candidates must achieve 50% of the quota established in the election. In the remote eventuality that nobody reaches the quota or nobody submits a nomination, then Labour will co-opt some- body to fill in Brincat's seat. Tourism minister Edward Zammit Lewis and justice minister Owen Bonnici were also being touted for the post. But while the former is biding his time, Bonnici has de- clared that he is unde- cided about throwing his name into the hat. Former deputy leader Toni Abela and justice minister Owen Bonnici still undecided on whether to contest for the post vacated by Konrad Mizzi PAGE 4