Alternattiva Demokratika yesterday welcomed the action taken by European governments and central banks to protect savings of bank clients and jobs in the financial services industry.

AD chairman Arnold Cassola said that, while welcoming the fact that the government is reassuring Maltese customers and workers, as it prepared itself for the worst, the Green party called on Maltese banks to be more transparent and inform clients and workers what measures are being taken to safeguard their interests.

AD was reacting to the government's decision to increase the minimum deposit guarantee of Maltese depositors to €100,000 in order to put people's minds at rest.

Michael Briguglio, AD's spokesman for social and economic development, said that, in view of the prevailing situation, it would be unwise and counterproductive to privatise the government's shares in Bank of Valletta.

Governments, Mr Briguglio said, have social and political responsibilities and their ownership of bank resources could help ease pressure by financial speculators who are much to blame for what is happening in globally.

AD supports measures in the coming budget aimed at enhancing productive and direct investment while, at the same time, enhancing social and ecological factors, he added.

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