‘The Authority and the sector have remained steady on course’ says MFSA interim CEO

“In 2020, the MFSA continued to augment its capacity and capabilities, producing supervisory performance results,” says Christopher P. Buttigieg, interim CEO and Chief Officer Supervision at the MFSA, following the publication of the Authority’s Annual Report and Financial Statements for 2020.

Despite the adverse circumstances brought about by the COVID-19 pandemic, Malta’s financial services sector saw an increase of 5.5 per cent in real Gross Value Added rate, amounting to €1.028 billion in 2020.

“The Authority delivered on commitments made with international standard setters and on projects which had been mapped out in our strategic plan. We are encouraged by the fact that as eventful as 2020 was, and as ambitious as our strategic targets are, the Authority and the sector have remained steady on course,” says Dr Buttigieg.

“Looking ahead, the Authority shall be focusing on bringing stability for the long-term benefit of the financial services sector, providing continuity, and fostering the sustainable growth of the sector. By focusing on these three pillars, we shall continue achieving positive results.” 

Professor John Mamo, Chairman of the MFSA, added “we are pleased to note that the Maltese financial services sector continued to grow and generate employment opportunities over the past year.”

“We remain determined to steer the sector to a higher threshold of long-term sustainability, also through the integration of new areas of supervision and potential growth.”

Throughout 2020, supervisory inspections by the Authority totalled 419 – reflecting an 84 per cent increase from 2019, while 265 applications for authorisation were processed, 25 per cent of which were withdrawn or refused.