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6 maltatoday | WEDNESDAY • 20 DECEMBER 2023 NEWS NEWS NICOLE MEILAK nmeilak@mediatoday.com.mt DESPITE the seemingly unsus- tainable nature of the Maltese book industry, literary critic Mark Vella argues that it must be maintaned by authorities. Drawing parallels with band/ sport clubs and trades that may not yield substantial profits, he stressed that the survival of the Maltese book is a crucial aspect of the nation's cultural identity. "Just like we witnessed with support extended to band and sports clubs, and the Maltese festa's recognition as intangi- ble heritage, the book industry now requires a similar boost. This injection is essential to sustain the Maltese book, our language, and the essence of Maltese life," Vella said on Monday. Speaking on TVM's Xtra, Vel- la acknowledged the hurdles faced by the industry, describ- ing it as a "small industry local- ly" that may not significantly impact the GDP but asserted that it deserves protection and support from the authorities. "The reading industry does not only make novels, it is also the foundation of Maltese lan- guage and its education," Vella remarked. Contrary to focusing solely on aiding individual authors, Vella underscored the importance of extending support to publish- ers, as they play a crucial role in sustaining the industry. He expressed concern over the scarcity of Maltese publish- ers, pointing out that without these publishers there would be an absence of school books and history books, deeming it a serious issue that needs atten- tion. In the context of bookselling, Vella highlighted an anoma- lous situation in the market, where economic factors led to the closure of historical shops, consolidating the sale of books in the hands of a few sellers. He suggested the need for reg- ulation or an investigation into this market situation. He urged authorities to recognise the urgency and collectively take steps to support and preserve the Maltese book industry. Vella echoed the sentiments of actors and publicists who have long called for action. Speaking to MaltaToday in September, publishers had said Maltese book industry was reeling from a hike in printing costs due to the post-war infla- tion that had plagued so many sectors of the economy. MARIANNA CALLEJA mcalleja@mediatoday.com.mt Literary critic calls for financial support for the Maltese book industry Drawing parallels with band clubs and trades that may not yield substantial profits, literary critic Mark Vella stressed that the survival of the Maltese book is a crucial aspect of the nation's cultural identity BANK of Valletta has entered into an assignment agreement to sell a portfolio of non-perform- ing loans for a consideration of €26 million. The bank announced the agreement in a press release on Tuesday. Without giving a name, the bank said the acquirer of the loans is a Maltese public limit- ed liability company established as a securitisation cell company. The company was selected after a formal offer was received as part of a bidding process con- ducted by the bank. The portfolio consists of 707 non-performing loans across 245 borrowers. The majority of these were granted commercial loans to finance business activi- ties across a number of different industries. There are also personal loans, credit card loans, home loans, encroached savings and current accounts in the portfolio. "The portfolio is significantly biased towards loans and facil- ities that have been in default for a long period of time, with 90% of the portfolio comprised of loans and facilities that have been in default for five years or longer, with 90% of the portfolio comprised of loans and facilities that have been in default for five years or longer" the bank said. The bank said it is selling this portfolio to generate income from non-performing loans that may have been written off com- pletely or been provided for, in large part, in previous years. "The current net book value of the Portfolio reported in the Bank's balance sheet is in the region of €5 million. In this re- gard, the Transaction is expect- ed to have a positive impact of approximately €18 million on the Bank's profitability for finan- cial year 2023, representing the difference between the accumu- lated expected credit loss (pro- visions) and the actual realised loss following the Transaction." Last October, the bank said it was in advanced talks to sell part of its portfolio of long-standing non-performing loans, but had not quantified the portion it was selling. BOV sells chunk of non-performing loans for €26 million Bank of Valletta sells portfolio of 707 non-performing loans to third-party acquirer