Finance Minister Clyde Caruana has acknowledged survey results published on Tuesday that revealed that the island's attractiveness to foreign investors has reached an all-time low, but said the government was acting on it.

"I understand the outcome of the survey. It is a result that was undoubtedly influenced by recent events such as the greylisting," he said in reply to questions by Times of Malta on Wednesday.

"From my end, I can vouch that the government has launched intensive efforts and is undergoing discussions with the FATF board and bilateral countries to ensure we get off the grey list."

According to an EY survey published on Tuesday, there are currently more investors who find Malta unattractive than attractive for the first time since data started being collected 17 years ago.

Asked by the media when will Malta be taken off the FATF's greylist, the minister said that contrary to the Opposition leader, he could not provide a specific date.

Bernard Grech had pledged that a PN government would take the island off the greylist within 90 days.

"We are doing our utmost so that  Malta is taken off the grey list in the shortest possible time," he said.

Air Malta state aid

The minister also told journalists that discussions with the European Commission over state aid to the national airline are ongoing.

"The discussions are taking long as the commission is analysing each flight and comparing it with other flights over a period of time. 

"It is looking into fares, expenses and profitability of thousands of flights," he said, adding that the commission was being very technical and the process was a labour-intensive one.

When it was pointed out to the minister that other airlines, such as Lufthansa, had been granted state aid, and whether the delay was indicative of red flags, Caruana said the "commission asked Malta for more information than it had maybe asked others".

Malta could not refuse the commission any information it requested, he added.

In July, Times of Malta had reported that the island's request to pump €290 million of state aid into Air Malta had been sent back to the drawing board.

Past ARMS bills will not be refunded

Answering questions about claims by ARMS customers that they have been overcharged, Caruana said utility bills were worked out in line with legislation that had been implemented by a PN administration and approved by the regulator. 

"The government will start remedying the situation by revising the billing method to ensure better justice with people."

Asked whether overcharged ARMS clients would be refunded, the minister said that the government's plans are to implement the new system from now onwards.