It seems that not only in Malta is the small investor/shareholder approached when all else fails.

The financial press reported that Italy’s Treasury was offering bonds directly to small retail Italian investors for the first time. These come in a four-year inflation-linked issue, even as officials report renewed foreign interest at bond sales following sharp falls in yields this year.

Locally, we have seen Middle Sea Insurance after its setbacks in Sicily and Southern Italy offering additional shares to the public. Yet unlike what is on offer elsewhere these only are going to obtain a mere one euro cent in dividend! We have also seen a large real estate mixed developer issuing shares after probably the banks put a stop to further loans! Shares with little hope of a dividend in the foreseeable future! We see regularly more than one company in the tourist sector rolling over bonds to maturing with a large amount of the capital remaining outstanding. Add to this the recently reported increase in non-performing loans by one of the larger local financial institutions.

But as long as this financial gray boat, like the Costa ships, keeps performing the usual motions, no one lifts a finger to protect the small shareholder/investor from share value degradation and reduced or curtailed dividends.

■ S. Debono

Kirkop