Issue link: https://maltatoday.uberflip.com/i/345566
maltatoday, SUNDAY, 13 JULY 2014 6 News TEODOR RELJIC THE proposed relocation of the Central Public Library from Belt is-Sebh in Floriana to a more cen- tral location in Valletta may cost upwards of €1 million, according to a proposal presented by Malta Libraries to the Ministry for Edu- cation. A recently published NSO report revealed a substantial dip in loans from public libraries over the last year, with Malta Libraries suggest- ing that a more easily accessible and centrally located library would be a key solution to the problem, with the proposed new location be- ing 8, Old Mint Street in Valletta. However, according to the Malta Libraries report, the pinpointed site is currently in a precarious state and will need substantial work if it is to suitably and safely house the new library premises. The report details how site vis- its confirmed the building to be a "dangerous structure". A visit to the site was organised by the Permanent Secretary for Education and Employment last February, however, "since it was a rainy day with water seeping from the ceiling and flooding whole ar- eas of the premises, mainly the common areas were visited," Malta Libraries CEO Oliver Mamo writes in the report. He adds that a follow-up visit on 24 April confirmed that "the build- ing was classified as a dangerous structure and only following the removal of such danger can the building be properly surveyed". The report then goes on to list the necessary improvements that would need to be implemented in order for the space to become a viable venue to serve as a public library. "The building is being evaluated in terms of a footprint of circa 169m2 with an assumption of the area vol- ume contained within that footprint, allowing the establishment of five floors. "Internal configuration deemed to be currently a clean slate and can be altered or shaped by a suitably ap- pointed designer. "Accessibility to the building espe- cially for infant strollers and wheel- chairs is improved through an area regeneration project whereby the current gradient of the street is di- minished through the establishment of a partial pedestrian area." While an architect and profession- al designer still need to be consulted, the report claims that, "at prima facie it transpires that the property can be turned into the proposed library". The report does not provide any concrete costs for the necessary work which needs to be done – "since they are beyond Malta Li- braries' competence to forecast" – but suggests that the cost may amount to €1 million, "due to the variable design element". The report justifies the fact that the Old Mint Street site would be smaller than the Floriana library by making a comparison to the Birkirkara branch library – which lies in a "prime location" and would, according to the report, make up for the space deficit with the benefit of being centrally located and easily accessible to all. According to the report, accessibil- ity remains one of the key problems as far as the current Central Public Library is concerned, with issues related to mobility being one of the key factors that a site in Valletta is being sought after to accommodate the library. treljic@mediatoday.com.mt Regulator declines comment on MFSP client review MATTHEW VELLA THE Malta Financial Services Au- thority is declining to comment on claims raised in a judicial protest against the financial services firm MFSP Financial Management, that a review of the firm's clients had been completed but not yet made public. In her protest, Veneranda Cas- sar said that on 31 October, 2012, the MFSA had announced a review of ARM bondholders who were MFSP clients, and that the review should have been completed in three months' time. The review would have deter- mined what sort of compensation clients of MFSP could be owed on lost investments. According to Cassar's protest, the client review has been "com- pleted, the report submitted to the MFSA, and for some mysterious reason put away in some high of- ficial's drawer, and that since then, [the MFSA] has stopped consider- ing public complaints against MF- SP Financial Management. Who is protecting who?" Cassar asked in the protest filed by lawyer Anna Mallia. Cassar, a widow, and her children filed the protest against MFSP and the financial regulator over losses they incurred after having sought the company's advice on the pur- chase and sale of securities, while her husband was still alive. Cassar said both she and her late husband faced "aggressive sales practices" from MFSP, and that they were "tricked" into signing 'execute only' instructions. She said she lost a total of €250,000 in funds they had invested from sell- ing off their bakery. After her husband's death, she found out that eight of the 10 in- vestments she had been sold were "complex structured securities", that she was not receiving any in- terest from the funds invested, and that now nine of the 10 invest- ments had been suspended. She first lodged a complaint with the MFSA in February 2012, but then in September 2013 the MFSA said the complaints had been "put on hold". 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