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FIFTY-SECOND ANNUAL REPORT and STATEMENT of ACCOUNTS 2019 © Central Bank of Malta, 2020 FIFTY-SECOND ANNUAL REPORT AND STATEMENT OF ACCOUNTS 2019 © Central Bank of Malta, 2020 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website www.centralbankmalta.org E-mail [email protected] Photo credits Melvin Bugeja/Central Bank of Malta, Shutterstock, Patrick Fenech/Art and Architecture and European Central Bank. Printed by Gutenberg Press Ltd Gudja Road Tarxien GXQ 2902 Malta All rights reserved. Reproduction is permitted provided that the source is acknowledged. The cut-off date for information published in this Report is 28 February 2020 except where otherwise indicated. Figures in tables may not add up due to rounding. ISSN 0577-0653 (print) ISSN 1811-1262 (online) MISSION STATEMENT The Central Bank of Malta is an independent institution, which forms an integral part of the Eurosystem and, as a member of the European System of Central Banks (ESCB), has the primary objective of maintaining price stability. The Bank is entrusted with all major central banking tasks, particularly that of ensuring the stability of the financial system. It seeks to carry out its statutory responsibilities in the public interest and is committed to performing its func- tions effectively, efficiently and economically to the highest level of integrity, competence and transparency. In this regard it will continue to: i. undertake economic and financial analysis and research to support the Governor’s partici- pation in the decision-making process of the Governing Council of the European Central Bank (ECB) and provide independent advice to Government on economic and financial policy issues; ii. implement the ECB’s monetary policy through market operations conducted within the opera- tional framework of the Eurosystem; iii. contribute effectively to the stability of the financial system by identifying and assessing systemic risks and imbalances, and making the appropriate policy recommendations; iv. formulate and implement a macroprudential policy to fulfil the tasks of the Bank as the national macroprudential authority; v. promote and support the development and integration of financial markets in Malta through oversight of market infrastructures and by ensuring the availability of cost-efficient securities settlement and payment systems; vi. provide an adequate supply of banknotes and coin (the latter on behalf of Government) to meet the demands of the public, while ensuring high quality and authenticity of the currency in circulation; vii. collect, compile and publish economic and financial statistics in line with international standards; viii. act as banker to Government and to the banking system; ix. hold and actively manage financial assets with the aim of optimising returns, subject to prudent risk management practices; x. actively participate in the ESCB, the Eurosystem and other relevant European Union bodies, including their sub-structures. As a member of the Eurosystem, the Bank subscribes to the Eurosystem’s mission, strategic intents and organisational principles. BOARD OF DIRECTORS* Dr Mario Vella Governor and Chairman Mr Alexander Demarco Mr Oliver Bonello Deputy Governor Deputy Governor Monetary Policy Financial Stability Ms Philomena Meli Director Professor Peter J. Baldacchino Director Dr Romina Cuschieri Director Professor Frank Bezzina Director Executive Committee* Investments Policy Committee* Management Committee* Dr Mario Vella Dr Mario Vella Heads of Departments Governor and Chairman Governor and Chairman Mr Stephen Attard (Chairman) Mr Alexander Demarco Mr Alexander Demarco Crisis Management and Stress Deputy Governor Deputy Governor and Vice-Chairman Testing Mr Oliver Bonello Mr Oliver Bonello Ms Maryanne Attard Deputy Governor Deputy Governor Financial Control Mr Markus Alefelder Mr Markus Alefelder Mr Alexander Borg Chief Officer Chief Officer Administration Investments Investments Mr Saviour Busuttil Mr Francis Bugeja Mr Raymond Filletti Information Systems and Chief Officer Chief Officer Knowledge Management Internal Audit Financial Control and Risk Mr John Caruana Mr Alan Cassar Ms Maryanne Attard Monetary Policy & Operations Chief Officer Head and Eurosystem Relations Financial Stability Financial Control Department Mr Silvio Galea Mr Paul Farrugia Mr Denis Micallef International Relations Chief Officer Head Human Resources Risk Management Department Ms Sylvana Gatt Payments and Banking Mr Raymond Filletti Mr André Psaila Chief Officer Head Financial Control and Risk Investments and Government Dr Pauline Lanzon Securities Department Legal Mr Jesmond Gatt Chief Officer Ms Valerie Cutajar Mr Aidan Massa Banking Operations Principal Expert Internal Audit Financial Risk Management Office Dr Aaron G. Grech Ms Vanessa Macdonald Chief Officer Mr Colin Attard Communications Economics Portfolio Manager International Asset Management Office Mr Denis Micallef Risk Management Mr Ian Sapiano Portfolio Manager Mr André Psaila International Asset Management Office Investments and Government Securities Mr Damien Ferrito Manager Mr Jesmond Pulé Audit Committee* Finance Office Statistics Professor Peter J. Baldacchino Ms Rita Schembri Chairman Economic Analysis Professor Frank Bezzina Mr Peter Paul Tabone Member Currency Services and Security Dr Romina Cuschieri Ms Wendy Zammit Member Financial Stability Surveillance and Research *as at 30 March 2020 THE BOARD OF DIRECTORS* (left to right) Back row: Ms Philomena Meli (Director), Mr Herbert Zammit LaFerla (Secretary), Professor Frank Bezzina (Director), Professor Peter J. Baldacchino (Director), Dr Romina Cuschieri (Director) Front row: Mr Oliver Bonello (Deputy Governor), Dr Mario Vella (Governor and Chairman), Mr Alexander Demarco (Deputy Governor). *as at 30 March 2020 ORGANISATION CHART* Board Audit Committee Internal Audit, Compliance Governor Internal Audit Dr Mario Vella and Legal Division Department Chief Officer International Internal Audit Communications Legal Department Relations Mr Francis Bugeja Department Department Non EU and International Social Research Commonwealth Governor's Office Organisation Office Unit Countries Office Deputy Governor Financial Stability Deputy Governor Monetary Policy Mr Oliver Bonello Mr Alexander Demarco Human Investments Financial Stability and Statistics Division Financial Control and Risk Division Economics Division Banking Operations Division Corporate Services Division Resources Division Division Chief Officer Chief Officer Chief Officer Chief Officer Chief Officer Chief Officer Chief Officer Financial Stability Financial Control and Risk Economics Investments Banking Operations Corporate Services Human Mr Alan Cassar Mr Raymond Filletti Dr Aaron G. Grech Mr Markus Mr Jesmond Gatt (vacant)** Resources Alefelder Mr Paul Farrugia Monetary Policy & Information Policy, Crisis Financial Stability Investments and Currency Risk Economic Operations and Payments and Systems and Human Management and Surveillance and Statistics Financial Control Research Government Services and Administration Management Analysis Eurosystem Banking Knowledge Resources Stress Testing Research Department Department Department Securities Security Department Department Department Relations Department Management Department Department Department Department Department Department Department Monetary Monetary and Operational International Payment and Information Operations and Currency Financial Finance Risk Asset Banking Technology Collateral Operations Statistics and Office Management Management Operations Services Management Office CCR Office Office Office Office Office Office External Payments Financial Risk Market Regulation Core and Security Management Analysis and Oversight Applications Securities Control Office Office Office Office Office Statistics Office Statistical Collection Projects and Government and Applications Securities Information Development Office Management Office Office Cybersecurity Office Knowledge Management Office *as at 30 March 2020 ** Mr Raymond Bonnici retired on 30 January 2020 Bank Ċentrali ta’ Malta Central Bank of Malta Eurosistema Eurosystem Il-Gvernatur The Governor 30 March 2020 The Hon Professor Edward Scicluna Minister for Finance and Financial Services Maison Demandols South Street Valletta VLT 1102 Dear Minister LETTER OF TRANSMITTAL In terms of article 21 of the Central Bank of Malta Act (Cap. 204), I have the honour to transmit to you, in your capacity as Minister responsible for finance, a copy of the Annual Report of the Bank for the financial year ended 31 December 2019. Yours sincerely Dr Mario Vella CONTENTS 13 GOVERNOR'S STATEMENT I FINANCIAL AND ECONOMIC DEVELOPMENTS 17 1 The External Environment and the Euro Area 18 Key advanced economies Economic and financial developments in the euro area Commodities 2 Monetary and Financial Developments 27 Monetary aggregates and financial conditions Box 1: Access to finance in 2019 The money market The capital market Box 2: Overview of the financial assets and liabilities of the Maltese economy by institutional sector 3 Output, Employment and Prices 50 Potential output and business conditions index Gross domestic product and industrial production Construction The labour market Business and consumer surveys Residential property prices Consumer price inflation Costs and competitiveness Box 3: Economic Projections 4 Balance of Payments 69 The current account Tourism The capital and financial accounts 5 Government Finance 75 Quarterly developments Headline and cyclically-adjusted developments Box 4: The sustainability of Maltese
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