The National Bank saga

Raymond Sammut (The Sunday Times, January 11) praised Dom Mintoff's handling of the National Bank of Malta (NBM) saga in 1973.

The event was a complex one because it had political, social and economic implications. Mr Sammut mentioned the communists - does he know that communism considered owners of private property enemies of the people?

Does he know that both the Central Bank of Malta and a large British bank were not allowed to come to the rescue of the NBM?

Does he know that the value of the shares held by NBM shareholders was declared to be nil and Bank of Valletta was set up, taking over all of NBM's deposits, premises complete with equipment, personnel with wealth of experience and all the knowhow as a going concern and made a profit of about a million Maltese liri after nine months of operating under the new name?

Does he know how public corporations' funds at that time were large enough to temporarily affect the liquidity of any financial institution?

Does he know that all major banks in Malta by the middle of the seventies were either in government's hands or had closed down?

If Mr Sammut can answer these questions from a historical point of view he will realise that there is no comparison with the present global financial crisis.