IFS Malta recently organised its Annual Dinner. This a well-established event in the financial services calendar as it brings together the leading players in the financial services sector together with others from the wider economy to listen to keynote speeches from the Governor of the Central Bank of Malta and Minister for Finance.

The evening commenced with a welcome address from ifs Malta President, Kenneth B. Micallef in which he highlighted the Institute’s main achievements during the year and how the Institute is continuously evolving and adapting to the needs of the fast-changing and dynamic financial services sector. To ensure the Institute continues to provide the highest standard of financial services education it has forged strategic alliances and works closely with the University of Malta together with a number of internationally renowned professional bodies, including the London Institute of Banking and Finance, the UK Chartered Banker Institute, the International Compliance Association and the European Banking & Financial Services Training Association (EBTN). Representatives of all these organisations were present at the dinner. 

Following the success of the recent ifs Annual Seminar which dealt with the topical subject of digital transformation and the opportunities and threats it brings to financial services, Mr Micallef stated that the Institute was working closely with key stakeholders to develop a professional qualification in this area. Mr Micallef concluded by thanking all Committee members, ifs staff and all stakeholders, namely the management of the commercial banks and financial services institutions, the Central Bank of Malta, the Malta Financial Services Authority, the Ministry for Finance and the Ministry for Education and Employment, for their continuous support towards the Institute’s ongoing success.

The event continued with Dr Mario Vella, Governor of the Central Bank, delivering the much-anticipated policy speech. Governor Vella first congratulated ifs Malta for the various initiatives undertaken throughout the year and augured that the Institute continues to provide the highest standard of professional financial services education to the local market. 

In his address, Governor Vella stated that 2018 was a milestone date, as it marked the Central Bank’s fiftieth anniversary and ten years since joining the Eurosystem.

Malta’s economy continued to perform well with good GDP growth prospects, low unemployment and improved public finances. While the outlook remains bright for Malta, it has also to be acknowledged that this could be impacted by external downside risks in the global economy. Political uncertainty, international trade losing its buoyancy and protectionist measures being introduced, have resulted in less capital investment and challenging financial markets.

Signs have also begun to emerge that global economic growth, including Europe, is losing momentum. However, ECB’s monetary policy will continue to provide support to the euro area economy.

Malta’s rapid expansion and population growth are putting pressure on the country’s physical infrastructure and more investment is needed. While government has already announced initiatives to address the problem, this has to be complemented by the private sector. Rising house and rental prices need to be monitored. There is also need for more efficiency, better use of technology and less bureaucracy. 

Key performance indicators for domestic financial institutions remain healthy, however, there is no room for complacency. Risks have to be contained including those brought about by the introduction of new technologies and all stakeholders must work towards improving the reputation, soundness and resilience of the financial services sector under increased international scrutiny.  

Fast economic growth will inevitably disrupt society’s economic, social, cultural, political and institutional equilibria. To move forward, however, all resources and technical abilities must be used to navigate this new complex reality and address the risk involved. In line with its mission statement, the Central Bank is committed to doing its part in maintaining financial stability.

The final address of the evening was delivered by the Minister for Finance, Professor Edward Scicluna. After thanking ifs Malta for organising this important event, Minister Scicluna stated that joining the Euro ten years ago marked an important turning point in economic policy making for Malta which has proved beneficial in terms of foreign direct investment, commercial attractiveness and market accessibility.

The international financial crisis of 2008 was the worst economic shock Malta experienced in many decades and a severe test for the country’s institutions and policy makers. However, the economy kept on going thanks to the strong banking sector and the prudent approach and policies of its practitioners. While monetary policy is no longer under Malta’s direct control, fiscal management remains crucial, as this has contributed to turning Malta into one of the best performing EU economies. Fiscal governance remains high on the agenda.

In spite of the negative news tarnishing the reputation of Malta’s financial services sector, Minister Scicluna stated that he is convinced the integrity and seriousness of the sector will remain intact following the assessments being undertaken by the IMF and Moneyval.  

2018 has been an astounding success for the Maltese economy and a lot of this is due to the diligence of financial services providers and their practices which are conducive to economic growth.

The three anniversaries being celebrated this year: the anniversary of the establishment of the Central Bank, a decade since adoption of the Euro and ten years since the financial crisis, all bear testament to the resourcefulness of Malta’s banking community and the sterling work it provides, concluded Minister Scicluna.

Towards the end of the evening Colin Morrison, Deputy Chief Executive and Director of Education at The Chartered Banker Institute, made a special announcement that ifs Malta Vice President, Peter Calleya was elected Fellow of the UK Institute.

This was followed by a similar announcement from Rob Thompson, Relationship Director at the London Institute of Banking and Finance, who awarded ifs Malta President, Kenneth B. Micallef, with a Fellowship of the Institute.

Fellowship is the highest level of membership and a mark of senior professional status. It is given in recognition of academic qualifications, professional achievements, and support to the Institute and the development of professionalism and professional education in the banking and finance sector.

This international recognition for ifs Malta brought to a close the successful event which had a high-profile attendance from the main financial services organisations and leading figures in the local economy.

Photos

• From left – PeterCalleya, Vice President ifs Malta; Colin Morrison, Chartered Banker Institute; Kenneth B. Micallef, President, ifs Malta; Dr Mario Vella, Governor of the Central Bank of Malta, Rob Thompson, London Institute of Banking and Finance; Professor Mario Spatafora, EBTN; Mark Agius, ifs Malta Vice President

• President of ifs Malta, Kenneth B. Micallef, delivering the Welcome Address

• Dr Mario Vella, Governor of the Central Bank delivering his policy speech

• Listening to the Minister of Finance’s address

• Pre-dinner networking

• Pre-dinner networking

• Dinner seating of guests

• Peter Calleya, ifs Malta Vice President, receiving his Fellowship from Colin Morrison Deputy Chief Executive and Director of Education at The Chartered Banker Institute

• Peter Calleya, ifs Malta Vice President, receiving his Fellowship from Colin Morrison Deputy Chief Executive and Director of Education at The Chartered Banker Institute