Is Enemalta going green or Greek?



Going green or Greek?

There are many suggestions to think that Enemalta is going Greek rather than green as their logo implies.

• Audited Accounts for 2009 were only approved in July 2011 and published in December 2011.

• Audited Accounts for 2010 have not yet been approved/published

• The figures in the Accounts of 2009 do not tally with figures published by the National Audit Office (NAO).   According to the NAO report for 2010 the government guaranteed loans at Enemalta as at 31.12.2009 amounted to EUR 448.755,253 ( NAO - Public Accounts 2010 page 45).  The same figure is quoted at EUR 494,646,000 in Enemalta's Audited Statements 31.12.2009 (page 33 Note 3.2).  This is a difference of EUR 46,000,000 which someone must explain.  Not exactly peanuts!

• In calculating its financial gearing Enemalta deducts from its borrowings the amount guaranteed by government ( Enemalta - Audited Statements 31.12.2009 page 33 Note 3.2) .  This is the same as saying that Enemalta is not responsible for the borrowings guaranteed by government and that ultimately the government will make good for these under its guarantee.   This confirms my earlier criticism that the public deficit and debt figures are incomplete without taking the contingent obligations at Enemalta.

No doubt Enemalta is a financial basket case just as Greece!