The controversy which erupted a few days ago on a suggestion made by the governor of the Central Bank of Malta, as expected, has fizzled out as quickly as it started, just as many issues in this country are debated at face value and discarded without finding a solution or at least making an attempt to analyse the issue properly for the sake of the parties involved.

The governor, Michael C. Bonello, a few days ago addressed the annual dinner of the Institute of Financial Services and one of his comments concerned the stipends paid to University students. This particular comment was picked upon by student organisations, Government and Opposition, and strongly criticised.

While ignoring the rest of the governor’s speech on that particular night, which is a pity since it touched upon many more important and pressing issues about which the nation should be worrying, and focusing on the issue of stipends paid to students for attending University, various factors emerge when thoroughly analysing the current situation, the governor’s comments and the nation’s perception.

For fairness’s sake, the governor’s exact words are being reproduced: “The University of Malta is short of funds. One way of tackling this deficiency would be to limit stipend support to students who are truly in need. This would ensure that access to a university education remains open to everyone with the potential to benefit from it, while releasing funds for improving its quality.”

In a nutshell, the governor highlighted the issue that the University is short of funds and suggested a possible method of diverting some funds to the University while at the same time reassessing one element of the broad scale of social benefits which are available for everyone irrespective of their financial means.

This suggestion, however, was misinterpreted and placed out of context to the extent that the governor’s own salary was brought into question and calls made for him to give up part of his salary. Petty calls such as these undermine valid people who provide a significant contribution towards the country and shame Malta’s image on an international scale. Moreover, don’t we expect the country to be led by the best people with significant experience in their field? Shouldn’t these people be remunerated accordingly and shouldn’t their experience be reflected in their remuneration? Wouldn’t these people earn significantly more if they were in the same position in another country?

Another important consideration has to be made and this concerns the general perception which prevails with regard to stipends. Government pays students to earn a degree and thus enables them to find quality employment with a commensurate salary. In fact, the governor also added in his speech that “tertiary-level education is the key to better-paid jobs and higher lifetime incomes”. Thus, stipends alleviate the cost burden of education at student level and at a later stage during working life and this is an important consideration to be made.

On a national level, it would do well if we remember that Malta is, most probably, the only nation which pays its students to further their studies at tertiary level. At the same time as the uproar on the stipends issue erupted locally, students in the UK were rioting as their government proposed to increase their tuition fees. Such is the irony of the situation.