Żminijietna – Voice of the Left supports the EU Banking Reform Advisory Group, which is recommending to the European Commission to divide banks. The proposal for supervision of banks is positive but not enough. Żminijietna appeals to government to support the recommendation.

The advisory group wants the banks’ deposit-taking business, known as retail banking, to be separated from risky own-account trading in securities and derivatives and other investment banking activities.

A banking system where profits are private and losses are public should be done away with, so that the taxpayer is safeguarded from the burden of having to make good for losses through banks’ gambling and high-risk deals.

The government and the Maltese members of European Parliament should support this progressive proposal, in order to strengthen and protect its ordinary citizens from financial speculation.

■ David Pisani

Secretary

Żminijietna – Voice of the Left