There was a time when banks were “suaded” (persuaded) by their “authority” (the country’s central bank) to do or refrain from doing something which the authority did not consider to be in the interest of its economy or its citizens, despite the banks’ objections.

In Malta an “authority” (sic) is snubbed by a bank even for merely advising a little time extension of a much-shortened deadline. I wonder how Bank of Valletta would have reacted if the “authority” had advised/ordered it to up its offer to a more respectable amount, at least covering the initial investment in the Multi Manager Property Fund.

It is clear that might is right and BoV is mightier than a hapless nondescript Malta Financial Services Authority apparently quite content with enriching its coffers by €350,000, perhaps more later. And BoV should no less be satisfied with this puny cost to bring to an end what to me has seemed to be akin to bullying the “little guy”, most likely a pensioner. With all sincerity I say to him/her: “In the sure knowledge that it will take a decade to win your case in court, by which time you are likely to have passed on, not forgetting exorbitant lawyers’ fees, how can you now not accept the €0.75 offer?”

“Realism” or “pragmatism” – your choice.