Issue link: https://maltatoday.uberflip.com/i/1100407
04.04.19 3 NEWS FROM PAGE 1 Satabank had protested about the exorbitant rates be- ing charged in a formal pro- test lodged with the Malta Fi- nancial Services Tribunal. The bank, which was or- dered by the financial regula- tor to cease business activity, said it was paying members of the international team up to €689 an hour. The MFSA had appointed a team from Ernst & Young to monitor the bank in the proper conduct of its busi- ness on 15 October, but five days later it ordered Satabank to cease from taking new de- posits or effecting withdraw- als, freezing the bank's oper- ations. But the spokesman said that this was a conscious move by the government to implement procedures which would save banks, in the same way oth- er countries in Europe inter- vened to save banking institu- tions. "We are fortunate to have solid banking institutions, it is now time to think out of the box and save one such institu- tion for the sake of the wider banking sector and business clients, as other countries have done. Satabank will be a first." The source said that the in- itiative is being spearheaded by Finance Minister Edward Scicluna and parliamentary secretary Silvio Schembri. Government to pass on administration to new company during transition period BEFORE they were retired in 2011, Malta's old buses were one of the country's most rec- ognisable icons, much loved by tourists for their unique- ness. As the decades passed, the buses started failing to meet European Union emissions requirements, and they were replaced by a modern fl eet. One Maltese design team, however, has reimagined the classic buses, keeping their retro looks but adding mod- ern touches, together with underpinnings using the lat- est technology. Mizzi Studio, founded by designer Jonathan Mizzi, have come up with some a very interesting design for buses, opening up the possibility of the classic buses' looks com- ing back to Malta's streets. e designs envisage an all-electric fl eet of buses, which would be painted in diff erent colours, just as they used to be in the past. ey would also have a full vision panel at the front, state of the art air conditioning and cooling systems, middle doors for effi cient boarding and disembarking and low fl oors and ramps for disabled access. Reacting to the innovative designs, Transport Minister Ian Borg said Mizzi Studio's idea was "something to think about". On its part, Transport Mal- ta said it was "very pleased to see such eff ort from a re- nowned international archi- tecture and design fi rm of the likes of Mizzi Studio", adding that it fully supported the in- itiative. Malta's traditional buses reimagined Image by Stargate Studios on behalf of Mizzi Studio SATABANK