Illegal development will not be tolerated, Muscat says on Polidano development

Prime Minister Joseph Muscat has declared that no illegal development will be tolerated and enforcement by MEPA on illegal structures will be carried out, after The Times yesterday reported that construction firm Polidano Bros had resumed an illegal development at the Hal Farrug headquarters six months after the police were asked to take action over environmental abuse.

Work started again a few days before the election and continued in the past days, in the face of several enforcement notices and direct action in September when the area was sealed off.

Muscat today also said he will be meeting ministers on talks to enact legislative changes to pyrotechnics rules, and implement a report on the reform in health and safety measures after four died in the explosion of a fireworks factory in Gharb back in 2012.

"A balance has to be found. The fact that no new permits for fireworks factories are issued does not mean the production of fireworks will not take place. It will go underground and become even more dangerous. This week I will meet ministers for a second round of talks on a coherent policy and review of fireworks and pyrotechnic rules," Muscat said.

Muscat today officially opened AgriBank plc at its SkyParks offices, after the UK bank obtained a credit institution licence from the Malta Financial Services Authority last October.

The bank is focused on providing highly competitive, tailored packages to the British agricultural sector to finance the purchase of machinery and equipment, apart from paying competitive interest rates on a range of fixed-term, low-risk, guaranteed-rate bonds to UK savers.

Roderick Psaila, AgriBank's Chief Executive Officer, is upbeat about the bank's prospects, with the initial reaction from the market exceeding expectations: "We are very happy with how the business is developing. The flow of online funding is increasing and there are an increasing number of requests for loans which the Bank's Credit Committee has to approve."

Dr Joe Borg, formerly director of the Central Bank of Malta and also an ex-EU Commissioner, is chairman of the board of directors. Paul Grech, Chief Financial Officer, is also a director and Victor Rizzo Giusti, who has been in the banking sector for the past 35 years, holding high positions with banks such as HSBC, Barclays and Lombard, is a non-executive director.