Imgħaxijiet

Baqgħet ma ngħatat l-ebda tweġiba sodisfaċenti għall-mistoqsija jekk il-banek ewlenin humiex japprofittaw ruħhom mill-qagħda finanzjarja in ġenerali billi naqqsu bil-kbir ir-rata tal-imgħax fuq dak li jissellfu mingħand depożitanti. Għamlu hekk mingħajr ma naqqsu kemm suppost l-imgħax fuq dak li jsellfu.
Wieħed ma jistax joqgħod fuq l-ispjegi mogħtija mill-banek infushom: hi ħaġa ċara li se jiġbdu għal xawwathom.
Kien l-eks gvernatur tal-Bank Ċentrali Bonnici li qajjem l-argument ftit taż-żmien ilu. Fil-frattemp, ftit li xejn inbidel.
L-imgħaxijiet fuq depożiti waqgħu mal-Ewropa, mad-dinja kollha prattikament. Kien il-ministru Ġermaniż tal-finanzi Schauble li gerger kif pensjonanti li jiddependu mill-imgħax fuq depożiti tagħhom, bi protesta qed jivvotaw għal-lemin estrem għax naqsilhom serjament id-dħul tagħhom.
Hu minnu li l-banek Maltin ukoll qed ikollhom jissodisfaw regoli ġodda Ewropej dwar kemm iridu jżommu kapital. Jekk jiżdidulhom il-profitti billi jħallsu anqas f’imġħaxijiet waqt li jiċċarġjaw “bil-għoli” fuq dak li jsellfu, ikunu jistgħu jsaħħu l-bażi kapitali tagħhom mingħajr ma jtellfu wisq mid-dħul tal-azzjonisti.
Effettivament huma l-banek u l-azzjonisti tagħhom li jmorru tajjeb minn sitwazzjoni hekk; il-bqija ikollhom iġorru l-piżijiet. Mhux ta’ b’xejn li l-bejgħ ta’ bonds ġodda minn kumpaniji privati qed jagħmel daqstant suċċess.
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TNIĠĠIS
Il-livelli ta’ indafa fil-baħar ta’ madwar il-kosta Maltija tjiebu matul is-snin, minkejja li l-“użu” tal-baħar żdied sew.
Hi ħaġa tassew pożittiva li l-indafa u s-sbuħija tal-ibħra Maltin baqgħu punt qawwi favur it-turiżmu lejn Malta. Jawgura li meta l-qagħda turistika ta’ ħafna mill-kompetituri tagħna fil-Mediterran terġa’ lura għan-“normal”, ikollna biex insostnu s-sehem tagħna tas-suq.
Għalhekk li meta tidher xi aħbar dwar tniġġis ta’ kwalunkwe tip trid tittieħed bis-serjetà u t-tniġġis – jinħoloq kif jinħoloq – jiġi investigat u jitneħħa minnufih.
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KONVERĠENZA
Fit-tmexxija ekonomika tal-Unjoni Ewropea – aktar u aktar taż-żona tal-ewro – tissemma ta’ spiss il-ħtieġa ta’ konverġenza ekonomika bejn il-pajjiżi membri.
Wisq ta’ spiss iżda, b’dan inkunu qed nifhmu konverġenza fit-tmexxija tal-politika ekonomika. Nara li dan hu żball.
Il-konverġenza trid tkun mhux dwar l-istess persentaġġi ta’ defiċit fil-finanzi publiċi jew fl-inflazzjoni minn pajjiż għall-ieħor, daqskemm dwar konverġenza fi tkabbir ekonomiku li jġib il-livelli tal-għajxien tal-pajjiżi differenti eqreb ta’ xulxin lejn l-għoli.
Bħalissa resqin lejn qagħda fejn il-membri tal-Unjoni Ewropea qed imexxu l-ekonomiji u l-finanzi tagħhom skont kriterji li jixtiebhu. Fl-istess waqt, id-diverġenza baqgħet tikber bejn in-nord u s-sud, bejn il-lvant u ċ-ċentru. Hu dan ukoll li qed iżid it-tensjonijiet fi ħdan l-Unjoni. Insibha ħaġa stramba li miċ-ċentru-lemin l-aktar, ma jitqiesx li dis-sitwazzjoni jixirqilha soluzzjoni urġenti.

English Version – Interest Rates

No satisfactory reply has been given regarding whether the leading banks are taking advantage of the prevailing financial situation when greatly pulling down the interest they pay on funds lent to them by depositors. Meanwhile they fail to scale down correspondingly the interest they charge on what they lend.

One cannot simply take at face value the explanations that the banks themselves provide: obviously they have their fish to fry.

Some time ago, the issue was highlighted by former Central Bank governor Bonnici. Since then, little has changed.

Interest rates on deposits have shrunk all over Europe, practically all over the world. German finance minister Schauble roundly complained that pensioners who rely on interest payments from their bank deposits to make ends meet, are voting extreme right in protest because their income has declined steeply.

It is true that Maltese banks are also having to satisfy new European rules covering capital reserves. If they can jack up their profits by paying less in interest while charging “high” rates on what they lend, they can increase their capital holdings without reducing too much dividend payments to shareholders.

Effectively, it is the banks and their shareholders who do best out of such a situation; the rest of us just have to lump it. In the circumstances, it is hardly surprising that the sale of bonds floated by private companies has become such a big success.

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Pollution

Water quality in the sea surrounding the Maltese coast has consistently improved over the years, even as “usage” of the sea has grown to a remarkable extent.

It remains a big plus that the cleanliness and beauty of Maltese coastal sites continue to strongly reinforce the island’s touristic appeal. This augurs that we will retain our market share, when the touristic profile of our Mediterranean competitors returns to “normal”.

Which is why when information emerges about pollution of any kind in our waters, it should be taken seriously. No matter what is its origin, immediate action should follow to investigate and remove any threat to environmental standards.

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Convergence

In the EU’s economic management (especially that of the eurozone) the need for economic convergence between member states is frequently mentioned.

However too frequently, what we understand by this is convergence in economic policies. I consider this to be a mistake.

Convergence should not simply be assimilated with reaching from country to country, the same public deficit targets as a percentage of GDP or the same inflation rate. It should rather mean a convergence in economic growth that brings living levels in the different countries closer to each other, on the high side.

As of now, we are closer to the situation where the members of the EU run their economiies and financies by following similar criteria. Meanwhile, divergences between north and south, east and centre have been increasing, which is also contributing to heighten tensions within the Union. I find it strange that especially from the centre-right, such a situation is not seen as requiring an urgent solution.