Banks' magnanimity

The banks have "agreed" (perhaps been "suaded") that, for just one month preceding Big Bang on January 1, 2008, they will convert between Lm and euro "without the application of any exchange charges", but not without the other "normal" bank charges (Malta Bankers' Association, June 29). How magnanimous!

The secretary general's PR write-up should really have been issued by the Malta Financial Services Authority which is the authority. But funny things still happen in this country which, despite becoming full a EU member, sometimes betrays signs of the old colonialist mentality. Sad, but true.

Would it not have been more germane, especially at this early stage, if the MBA had tried to counter some of the uncontradicted statements recently published? Three should suffice: (a) that a "rogue" MBA member, on top of charging interest at nine and a half per cent, arbitrarily imposed a "rescheduling" fee of about Lm2,000 concurrently with the usual annual facilities renewal charge of Lm500; (b) that a client who duly had a foreign cheque cleared after weeks of waiting and reassurances, is now in court because the bank insists that his liability on a bounced cheque lasts for 25 years, and most importantly, (c) that because of their privileged oligopolistic status (as in other similar industries) in the banking scene, all banks register super-profits at the expense of their clients and should at least be made to pay a super profits tax rate.

Bet the MBA's secretary general won't reply.