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MT 19 October 2014

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maltatoday, Sunday, 19 OctOber 2014 Opinion 25 decision on Armier shacks building permit. This alone is reason enough why the decision is wrong. The Prime Minister has attempted to justify this decision by pointing out that in the area there is another type of illegality going on: the flouting of electricity regulations such as in the case of the 'extension' of the service from one boathouse with a meter to another without it, and – even worse – the direct theft of electricity from Enemalta's distribution grid, much as is done in Brazilian favelas. So this decision, argues the Prime Minister, at least regulates the provision of electricity in the area and checks electricity theft as well. This implies that it is not only the Lands Department and MEPA that have failed miserably in their enforcement obligations but that Enemalta is also just as guilty. What Enemalta will be doing is tantamount to covering up for its dereliction of duty as a result of its blatant lack of enforcement in the area. The worst aspect is that this decision will continue to reinforce the message that the so-called boathouses are there to stay, as was clearly implied in a letter written in 'The Times of Malta' last Monday by a spokesman of the Armier occupiers. The Prime Minister's argument that this decision does not impinge on the title of ownership of the area in question is irrelevant – it is just a smokescreen that hides the ugly truth. As is now slowly becoming more apparent, this is yet another government decision taken on the basis of a crude populist calculation that ignores ethical principles. This decision will decrease electricity theft and increase Enemalta's revenue from electricity consumption in the area and will be yet another lure for people who base their electoral choice on their own narrow selfish interest at the expense of the common good. For Joseph Muscat these two pluses outweigh all other considerations, including the disregard of the rule of law and the tenet that what is intrinsically wrong can never be condoned. For the occupiers, defending their 'boathouses' has been elevated to the status of defending one's castle… with divine providence being invoked in the process, considering that one illegal shack in Armier is used as a 'chapel' where Sunday mass is celebrated regularly in the summer months. Committees are elected and representatives facetiously discuss their so-called 'rights' with the authorities. Yet, beyond the sheer illegalities, the boathouse culture seems destined to become a permanent feature of Maltese society; in spite of the fact that the majority of the population does not accept it and hollers at the abuse. This is, of course, a cultural divide that has nothing to do with the political divide. In fact, one finds both Nationalist and Labour supporters among those with the boathouse culture. No wonder that a MEPA official once 'explained' that the boathouse issue is bigger than MEPA! While no administration has had the courage and the gumption to take effective affirmative action against these illegalities, Joseph Muscat has now even given them a wink and a furtive nod. When I tried to do something about the sore, I was left to burn my fingers alone. Perhaps I was naïve, but the truth is that I was slowly learning that votes come before principles Secure Investment Secure Investment Issue of Issue of €40,000,000 40,000,000 in Malta Government Stocks in Malta Government Stocks (subject to the over (subject to the over-allotment option of allotment option of an additional sum of an additional sum of €35,000,000 35,000,000) MALTA GOVERNMENT MALTA GOVERNMENT STOCKS STOCKS _______ _______ (i) (i) 4.1% 4.1% Malta Government Stock (First Issue Malta Government Stock (First Issue) ) – Fungibility Fungibility Issue Issue maturing aturing in in 2034, 2034, and and _______ (ii) Floating Rate Malta Government Stock ( (ii) Floating Rate Malta Government Stock (Sixth Sixth Issue) Issue) linked to the six linked to the six-month Euribor month Euribor +75 +75 basis points (bps) basis points (bps) maturing aturing in in 2020 2020 , , or or (iii) Any combination of the above two Stocks which in the (iii) Any combination of the above two Stocks which in the aggregate shall be aggregate shall be €40,000,000 40,000,000 Malta Government Stocks The Treasury announces the issue of €40,000,000 Malta Government Stocks subject to an over- allotment option of an additional sum of €35,000,000 as follows: MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP WITH INTEREST PAID UP TO THE DAY OF RE TO THE DAY OF RE-SALE OF STOCK. SALE OF STOCK. SECURITY SECURITY CONTINUOUS LIQUIDITY CONTINUOUS LIQUIDITY INTEREST EVERY SIX MONTHS INTEREST EVERY SIX MONTHS (The value of the investment may go up or down during the tenor of the Stock.) Treasury Department, The Mall Building, The Mall Treasury Department, The Mall Building, The Mall - Floriana, Malta. Floriana, Malta. Applications in the form of sealed bids (auction) for a minimum of €250,000 and multiples of €50,000 each open on Thursday 23 rd October, 2014 at 8.30a.m. and close at noon on Friday 24 th October 2014 or earlier at the discretion of the Accountant General. Bids Bids on on the the prescribed prescribed forms forms are are to to be be deposited deposited in in the the Treasury Treasury Tender Tender Box Box in in Floriana Floriana or or transmitted transmitted by by fax fax on on 2596 2596 7210 7210 or or by by e-mail mail at at the the e-mail mail addresses addresses indicated indicated on on the the application application form form. Application Application forms forms may may be be obtained obtained from from all all Members Members of of the the Malta Malta Stock Stock Exchange Exchange and and other other authorized authorized Investment Investment Service Service Providers Providers or or downloaded downloaded from from the the Treasury's Treasury's website website at at www www.treasury mt.

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