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Annual Report 2020 & Financial Statements

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Annual Report 2020 & Financial Statements ANNUAL REPORT 2020 & FINANCIAL STATEMENTS Malta Development Bank 1 ISSN: 2663-5364 (print), ISSN: 2663-5372 (online), ISSN: 2663-5380 (digital) 2 Annual Report & Financial Statements 2020 Contents ABOUT THE MDB 5 CREDIT RISK 35 OUR VISION 5 OPERATIONAL RISK 35 OUR MISSION 5 LIQUIDITY RISK 35 BOARD OF DIRECTORS 6 BUSINESS REVIEW 37 LETTER OF TRANSMITTAL 7 FUNDING SOURCES AND GOVERNMENT GUARANTEE 37 ORGANISATIONAL CHART 8 MDB’S FACILITIES FOR SMES AND STUDENTS 38 CHAIRPERSON’S STATEMENT 9 SPECIAL TOPIC III - INVIGORATING THE FAMILY 45 CORPORATE GOVERNANCE STATEMENT 13 BUSINESS TRANSFER FACILITY GOVERNANCE 13 MDB’S FACILITIES IN MALTA’S ECONOMIC CONTEXT 48 BOARD STRUCTURE AND RESPOSIBILITIES 13 MACROECONOMIC BACKDROP 48 ECONOMIC IMPACT OF MDB’S INTERVENTION DURING THE BOARD COMMITTEES 14 48 PANDEMIC AUDIT COMMITTEE 14 GUARANTEE FACILITY FOR LOANS TO SMES 50 ETHICS AND GOVERNANCE COMMITTEE 14 COVID-19 GUARANTEE FACILITIES 51 RISK COMMITTEE 14 FURTHER STUDIES MADE AFFORDABLE 54 COMPLIANCE AND LEGAL ACTIVITIES 16 FINANCING OF INFRASTRUCTURE PROJECTS 56 AML/CFT ACTIVITIES 16 FACILITIES IN THE PIPELINE 57 DATA PROTECTION ACTIVITIES 16 ON THE ROAD TO RECOVERY 57 STRATEGY 17 SIGNIFICANT EVENTS 58 BUSINESS 17 LAUNCH OF THE COVID-19 GUARANTEE FACILITIES 58 LAUNCHING THE COVID-19 GUARANTEE FACILITIES 17 COVID-19 GUARANTEE SCHEME OUTREACH CAMPAIGN 58 BECOMING AN INVESTEU IMPLEMENTING PARTNER 18 FURTHER STUDIES MADE AFFORDABLE SCHEME TOP-UP 59 SUSTAINING INFRASTRUCTURAL INVESTMENT 19 CHALLENGES AND OPPORTUNITIES OF THE EUROPEAN 59 PRODUCT REVIEW AND NEW FACILITIES IN THE GREEN DEAL 19 PIPELINE INTERNATIONAL AFFILIATIONS AND COOPERATION 59 SPECIAL TOPIC I – INVESTEU AND THE PILLAR EUROPEAN INVESTMENT ADVISORY HUB SUPPORTING 20 60 ASSESSMENT PROCESS MDB IN IMPLEMENTATION OF FINANCIAL INSTRUMENTS SPECIAL TOPIC II – MARKET GAP ANALYSIS 23 TECHNICAL SUPPORT INSTRUMENT (TSI) 60 OPERATIONS 31 RISK AND CAPITAL MANAGEMENT 61 CAPACITY BUILDING 31 RISK GOVERNANCE 61 ENHANCING HUMAN RESOURCES 31 SUPERVISORY BOARD 61 ATTRACTING TALENT 31 BOARD OF DIRECTORS 61 MANAGEMENT TEAM 32 THREE LINES OF DEFENCE 62 DEVELOPING TALENT 32 PRINCIPAL RISKS 62 LEVERAGING INFORMATION TECHNOLOGY 33 CAPITAL MANAGEMENT 63 PREMISES 33 OWN FUNDS 64 FINANCE 34 FINANCIAL STATEMENTS 65 RISK 35 4 Annual Report & Financial Statements 2020 About the Malta Development Bank The Malta Development Bank (MDB) was established by virtue of the Malta Development Bank Act which was passed by Parliament in May 2017 and came into force in November 2017. On 11 December 2017, the Minister for Finance, the Hon Prof Edward Scicluna, appointed the members of the Board of Directors and the Supervisory Board of the MDB. On the same day, the Board of Directors held their first meeting and the Bank officially commenced operations. The MDB’s strategic objective is to address market failures or financial gaps by offering financing facilities to support productive and viable operations where the market is unable or unwilling to accommodate such activities on its own in whole or part. Furthermore, learning from the difficulties during the sovereign debt crisis, it became clear that Malta lacked an important institution that acts counter-cyclically to mitigate the adverse impacts of the prevailing economic cycle. Hence, the launch of the MDB marks an important event in the development of financial intermediation in Malta. The MDB complements commercial banks through a non- competitive and mutually supportive relationship, thereby ensuring additionality and diversifying Malta’s financial base in a cost-effective manner. MDB’s primary goal is to contribute to public policy objectives and it is therefore not driven by purely commercial and profit maximisation considerations. Nonetheless, the MDB supports only bankable investments and assesses proposals on the basis of sound banking principles, including feasibility. Our Vision To make a significant contribution towards sustainable economic development by promoting inclusive and environmentally sustainable economic growth and infrastructure development. Our Mission To bridge investment gaps in Malta by offering financing facilities that support productive and viable operations where the market is unable or unwilling to accommodate such activities and by linking entrepreneurship, digitisation, investment and economic growth to improved living conditions, a higher quality of life and better social inclusion. Malta Development Bank 5 Board of Directors In exercise of the powers conferred by Article 21 of the Malta Development Bank Act, the Minister for Finance appointed the following Directors on 11 December 2017: Chairperson Prof. Josef Bonnici Directors Mr. Paul Abela1 Dr. Rose Marie Azzopardi Mr. Robert Borg Mr. Paul Cardona the late Mr. Godfrey Grima2 Mr. Anthony Valvo These appointments are valid for the periods stipulated in Article 21(4), (5) and (6) of the Act. Mr Rene Saliba, the Chief Executive Officer of the MDB, was appointed Secretary of the Board on 11 December 2017.3 1 On 11 February 2021 Ms Jackie Camilleri was appointed in lieu of Mr Paul Abela. 2 On 14 April 2021 Dr Michele Cardinali was appointed director in lieu of the late Mr Godfrey Grima. 3 With effect from 27 January 2021 Dr Bernadette Muscat replaced Mr Rene Saliba as Secretary of the Board. (left to right) Mr. Robert Borg, Mr. Paul Cardona, Mr. Paul Abela, Mr. Rene Saliba, Prof. Josef Bonnici, Dr. Rose Marie Azzopardi, Mr. Anthony Valvo, the late Mr Godfrey Grima 6 Annual Report & Financial Statements 2020 Letter of Transmittal Pope Pius V Street Valletta, VLT 1041, Malta T: + 356 2226 1710 [email protected] https://mdb.org.mt/ 26 April 2021 The Hon Clyde Caruana BCom (Hons), MA (Econ), MP Minister for Finance and Employment Maison Demandols South Street Valletta VLT 2000 Dear Minister, In terms of article 33 of the Malta Development Bank Act, 2016 (Cap 574), I have the honour to transmit to you a copy of the Annual Report of the Malta Development Bank for the year 2020. In terms of article 33 of the Malta Development Bank Act, I am also transmitting a copy of the audited accounts of the Bank for the financial year ended 31 December 2020. Yours sincerely JOSEF BONNICI Chairperson Malta Development Bank 7 Malta Development Bank ORGANISATIONAL CHART CHAIRPERSON BOARD OF DIRECTORS ETHICS AND RISK AUDIT GOVERNANCE COMMITEE COMMITEE COMMITEE CHIEF EXECUTIVE OFFICER DEPUTY CHIEF PERSONAL EXECUTIVE ASSISTANT ASSETS & LIABILITY CREDIT RISK OPERATIONAL RISK INTERNAL OFFICER SUB-COMMITTEE SUB-COMMITTEE SUB-COMMITTEE AUDIT CHIEF RISK CHIEF CREDIT HEAD OF LEGAL HEAD OF PROJECTS CHIEF BUSINESS CHIEF OFFICER OFFICER AND COMPLIANCE AND TREASURY DEVELOPMENT OPERATIONS MANAGEMENT OFFICER OFFICER CHIEF FINANCIAL IT OFFICER CONTROLLER SENIOR SENIOR SENIOR RISK SENIOR CREDIT COMPLIANCE EU AFFAIRS OFFICER OFFICER OFFICER OFFICER PUBLIC RELATIONS HUMAN PROCURMENT AND CREDIT OFFICER OFFICER RESOURCES ADMINISTRATION OFFICER OFFICER BOARD COMMITTEES MANAGEMENT COMMITTEES OUTSOURCED FUNCTION 8 Annual Report & Financial Statements 2020 Chairperson’s Statement AGILE IN RESPONSE, IMPACTFUL IN DELIVERY The economic shock to the Maltese economy caused Other important milestones were also reached in by the Covid-19 pandemic quickly saw the Malta 2020. We accelerated the pace of strengthening Development Bank transform into a key channel for the Bank’s organisational set-up and invested in the delivery of the government’s anti-crisis measures. our human resources and capacity building, which We expanded our remit to support companies of all was crucial in enabling the MDB to take on more sizes in all economic sectors and to provide a broader responsibilities, and a leading role in the pandemic. range of financing that fits the needs of businesses By November 2020 the MDB successfully concluded during such unprecedented circumstances. Our team the technical assistance programme supported by was swift to respond, and the Board is truly grateful the Structural Reform Support Programme; a project for their dedication and diligent work in developing which contributed to significantly improve the Bank’s the mechanism for delivering millions of euro in internal control system, its accounting system, its cashflow to Maltese businesses in a timely manner. publications of information format, as well as data protection and reporting. This upskilling and process The Bank is now in its fourth year of operation, re-engineering aims to ensure closer alignment to having been founded at the end of 2017 to fill good practices applied by other National Promotional any financial gaps in the financial system and to Banks (NPBs) as well as compliance with the support sustainable economic growth by promoting requirements of the EU Pillar Assessment process. In social inclusion, climate protection and sustainable this regard, I am pleased to report that in 2020, MDB’s infrastructure development. By the end of December application for the Pillar Assessment was approved 2020, we were facilitating over €400 million in working by the European Commission following a successful capital loans under the COVID-19 Guarantee Scheme eligibility check, and we look forward to carrying through nine commercial banks, supporting more out the assessment to become direct implementing than 500 businesses accounting for around 30,000 partners of the InvestEU. Direct access to this Fund employees. The SME Invest scheme had reached would place the MDB in a better position to roll out almost €30 million and close to 200 students were and implement EU market-based
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