Compensation through a bond issue

I refer to my letter of May 29, concerning the settlement of the amount due by the government for land expropriated prior to 1993 and to a reply, on April 26, by Joe Azzopardi of the Ministry for Justice and Home Affairs, and wish to make a further suggestion, now that discussions on the budget are expected to start after the summer recess of Parliament.

In reply to letters by Mario Grech and Joseph J. Xuereb, Mr Azzopardi said that "compensation and damages for pre-1993 expropriations have to be paid directly from the vote allocated every year to the Lands Department for this purpose".

It will take years and years for the total amount due to be settled, and it is certainly to the detriment of the landowners who are now deprived of a source of income, a major one to some, especially pensioners and widows with children.

Why cannot the government pay the landowners through a bond issue at the current rate of interest, maturing in the year it is expected to make the final settlement? The allocation to the Lands Department can be yearly accumulated to make good for the repayment of the bonds in their year of maturity. In this way, the landowners would be compensated as the bonds would be freely negotiable on the Malta Stock Exchange and, if they so wish, they may choose to enjoy the benefit of the yearly interest till maturity date.