The role of the Central Bank Governor is one of immense responsibility and trust. This trust is paramount for maintaining the integrity and stability of the nation's financial system. Earlier this week, the court decided there is enough evidence for Central Bank Governor Edward Scicluna to stand trial in the Vitals case, which refers to a 2015 hospitals concession deal that has implicated top Labour Party figures, including former Prime Minister Joseph Muscat and former Minister Chris Fearne, as well as civil servants, lawyers and companies.

Here are five compelling reasons why Prof Scicluna, aged 77, should immediately resign from his post:

1. The role of Central Bank Governor should not be occupied by someone facing serious criminal charges

The position of Central Bank Governor is extremely sensitive and requires the utmost integrity. It is essential for the individual occupying this role to be beyond reproach. With Prof Scicluna facing severe criminal charges of fraud and misappropriation of funds, his ability to fulfil his duties without distraction is compromised. The confidence of the public, the banks and the financial sector in the Central Bank's operations is vital, and this confidence is eroded when the Governor is formally facing criminal charges.

2. The wider implications, and Prof Scicluna’s seat in the European Central Bank (ECB)

As the Governor of Malta's Central Bank, Prof Scicluna also sits on the Governing Council of the European Central Bank (ECB). His criminal charges have serious implications not just for Malta, but for the entire Eurozone. The ECB requires its board members to maintain the highest standards of integrity to ensure the stability and credibility of the euro. Prof Scicluna's presence on the board while facing criminal charges can undermine Malta’s reputation at ECB level, and in the process, also harm the ECB institution itself.

3. Adhering to basic principles of Corporate Governance

Even though the presumption of innocence until proven guilty is a fundamental principle of justice, the nature of the charges against Prof Scicluna are grave. Even the most basic corporate governance principles demand that individuals in high-ranking positions step aside when facing such accusations, let alone formal criminal charges. Prof Scicluna’s insistence on staying the course, referring to rules that ECB officials are required to resign only when found guilty or rendered unable to fulfil their duties, is weak at best and continues to foment mistrust at a highly sensitive time for the country.

4. Government and Opposition agree Prof Scicluna must go

It is evident that both the Prime Minister and his cabinet, as well as the Opposition, believe that Prof Scicluna's position is untenable. The Government's decision to remove him from the board of the Malta Financial Services Authority (MFSA) underscores this sentiment. It is not possible for Prof Scicluna to continue operating in his sensitive role, if both Government and Opposition are, for once, in agreement, that his position has become untenable.

5. Safeguarding the office of the Governor of the Central Bank should be his ONLY priority

The office of the Central Bank Governor should remain unblemished by any association with criminal accusations. Even if Prof Scicluna is 100 per cent innocent, the charges against him cast a shadow over the institution he leads. Stepping down would allow him to focus his energy and time on his defence, thereby protecting the integrity of the Central Bank and upholding the public's trust in the financial system.

Indeed, the gravity of the criminal charges against Prof Scicluna, combined with the sensitive nature of his role, the implications for the ECB, the principles of corporate governance, and the political consensus for his resignation, all point to the necessity of him stepping down. This would not only preserve the integrity of the Central Bank of Malta but also allow Prof Scicluna to fully address the charges against him without compromising the institution he serves.