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FIFTY-THIRD ANNUAL REPORT and STATEMENT of ACCOUNTS 2020 © Central Bank of Malta, 2021 FIFTY-THIRD ANNUAL REPORT AND STATEMENT OF ACCOUNTS 2020 © Central Bank of Malta, 2021 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website www.centralbankmalta.org E-mail [email protected] 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 1 March 2021 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* Professor Edward Scicluna 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* Professor Edward Scicluna Professor Edward Scicluna Chief Operating Officer Governor and Chairman Governor and Chairman Mr Daniele Romano (Chairman) Mr Alexander Demarco Mr Alexander Demarco Heads of Departments Deputy Governor Deputy Governor and Vice-Chairman Mr Stephen Attard Mr Oliver Bonello Mr Oliver Bonello Policy, Crisis Management and Deputy Governor Deputy Governor Stress Testing Mr Daniele Romano Mr Raymond Filletti Ms Maryanne Attard Chief Operating Officer Chief Officer Financial Control Financial Control and Risk Mr Francis Bugeja Mr Alexander Borg Chief Officer Ms Maryanne Attard Property and Procurement Internal Audit Head Financial Control Department Mr Saviour Busuttil Mr Alan Cassar Innovation, Technology & Chief Officer Mr Denis Micallef Knowledge Services Financial Stability Head Risk Management Department Mr John Caruana Mr Paul Farrugia Monetary Policy & Operations Chief Officer Mr André Psaila and Eurosystem Relations Human Resources Head Investments and Government Mr Silvio Galea Corporate Strategic Planning Mr Raymond Filletti Securities Department Chief Officer Ms Sylvana Gatt Financial Control and Risk Ms Valerie Cutajar Manager Payments and Banking Mr Jesmond Gatt Financial Risk Management Office Dr Pauline Lanzon Chief Officer Legal Banking Operations Mr Colin Attard Portfolio Manager Mr Aidan Massa Dr Aaron G. Grech International Asset Management Office Internal Audit Chief Officer Economics Mr Ian Sapiano Ms Vanessa Macdonald Portfolio Manager Communications International Asset Management Office Mr Denis Micallef Mr Damien Ferrito Risk Management Manager Finance Office Mr André Psaila Investments and Government Securities Audit Committee* Mr Jesmond Pulé Statistics Professor Peter J. Baldacchino Chairman Ms Rita Schembri Economic Analysis Professor Frank Bezzina Member Mr Peter Paul Tabone Currency Services and Security Dr Romina Cuschieri Member Ms Wendy Zammit Financial Stability Surveillance and Research *as at 30 March 2021 THE BOARD OF DIRECTORS* (left to right) Top row: Mr Oliver Bonello (Deputy Governor), Professor Edward Scicluna (Governor and Chairman), Mr Alexander Demarco (Deputy Governor) Bottom row: Professor Peter J. Baldacchino (Director), Ms Philomena Meli (Director), Professor Frank Bezzina (Director), Dr Romina Cuschieri (Director), Mr Herbert Zammit LaFerla (Secretary). *as at 30 March 2021 ORGANISATION CHART* Board Audit Committee Governor Professor Edward Scicluna Deput Governor Financial Stabilit Deput Governor Monetary Policy Mr Oliver Bonello Mr Alexander Demarco Financial Stability and Statistics Division Financial Control and Risk Economics Division Banking Operations Division Division Division Investments Chief Officer Chief Officer Division Chief Officer Chief Officer Alan Cassar Aaron G. Grech Jesmond Gatt Raymond Filletti Policy, Crisis Financial Innovation, Monetary Policy Investments Currency International Management Stability Financial Risk Technology & Property & Economic Economic & Operations and Payments and Human Communications Statistics Services and Internal Audit Legal Relations and Stress Surveillance and Control Management Knowledge Procurement Research Analysis and Eurosystem Government Banking Resources Department Department Security Department Department Department Testing Research Department Department Services Department Department Department Relations Securities Department Department Department Department Department Department Department Department Monetary Monetary and Operational End User International International Payment and International Economic Operations and Currency Financial Risk Technology & Asset Banking Organisations Finance Office Research Collateral Operations Statistics and Management Infr astructure Management Operations Office Office Management Office CCR Office Office Office Office Office Office Non-EU & External, Financial Risk Core Regulation and Commonwealth Payments and Modelling Market Analysis Security Control Management Applications Oversight Countries Securities Office Office Office Office Office Office Office Statistics Office Statistical Application Collection and Government Development Information Securities and Project Management Office Delivery Office Office Knowledge Services Office *as at 30 March 2021 Bank Ċentrali ta’ Malta Central Bank of Malta Eurosistema Eurosystem Il-Gvernatur The Governor 30 March 2021 The Hon Clyde Caruana Minister for Finance and Employment 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 2020. Yours sincerely, Professor Edward Scicluna CONTENTS GOVERNOR'S STATEMENT 13 I FINANCIAL AND ECONOMIC DEVELOPMENTS 19 1 The External Environment and the Euro Area 20 Key advanced economies Economic and financial developments in the euro area Commodities 2 Monetary and Financial Developments 31 Financial conditions Assets of the banking sector and other monetary aggregates Liquidity support measures related to COVID-19 Box 1: Access to finance in 2020 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 58 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: Sectoral contributions to aggregate labour productivity and ULC growth Box 4: Economic projections 4 Balance of Payments 90 The current account Tourism The capital and financial accounts 5 Government Finance 96 Quarterly developments Headline and cyclically-adjusted developments Box 5: The sustainability of Maltese Government debt II BANK POLICIES, OPERATIONS AND ACTIVITIES 109 1 The Conduct of Monetary Policy and Financial Market Operations 110 Monetary policy operations Non-monetary policy operations Government securities market-making operations 2 Financial Stability 117 Main developments Committee meetings at the
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