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Forty-Eighth Annual Report* and Statement of Accounts 2015

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Forty-Eighth Annual Report* and Statement of Accounts 2015 FORTY-EIGHTH ANNUAL REPORT* AND STATEMENT OF ACCOUNTS 2015 * This Annual Report incorporates developments in the fourth quarter, previously covered in a separate publication. © Central Bank of Malta, 2016 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website https://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 26 February 2016 except where otherwise indicated. Figures in tables may not add up due to rounding. This edition of the Annual Report incorporates an analysis of economic and financial developments that would otherwise have appeared in the Quarterly Review 2015:4. The latter issue of the Quarterly Review is not being published separately. 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 macro-prudential policy to fulfil the tasks of the Bank as the national macro-prudential 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. Finally, as a member of the Eurosystem, the Bank continues to subscribe to the Eurosystem’s mis- sion, strategic intents and organisational principles. BOARD OF DIRECTORS* Professor Josef Bonnici Governor and Chairman Mr Alexander Demarco Mr Alfred Mifsud Deputy Governor Deputy Governor Mr Victor Busuttil Director Ms Philomena Meli Director Mr Peter J. Baldacchino Director Dr Romina Cuschieri Director Policy Advisory Committee* Investments Policy Committee* Management Committee* Professor Josef Bonnici Professor Josef Bonnici Heads of Departments Governor and Chairman Governor and Chairman Mr Alexander Demarco Mr Alexander Demarco Mr John Caruana (Chairman) Deputy Governor Deputy Governor Economic and Monetary Analysis Mr Alfred Mifsud Mr Alfred Mifsud Deputy Governor Deputy Governor Mr Stephen Attard Communications Mr Oliver Bonello Mr Oliver Bonello Chief Officer Chief Officer Mr Alexander Borg Risk Risk EU and International Relations Mr Raymond A. Bonnici Mr Raymond Filletti Mr Francis Bugeja Chief Officer Chief Officer Internal Audit Corporate Services Investments and Financial Control Mr Mario Bugeja Mr Anthony P. Cortis Dr Bernard Gauci Investments Chief Officer Advisor to the Governor Mr Saviour Busuttil** Economics Mr Mario Bugeja Information Systems Mr Raymond Filletti Head Mr Robert Caruana Chief Officer Investments Department Financial Control Investments and Financial Control Mr Robert Caruana Mr Herman Ciappara Mr Paul R. Muscat Head Payments and Banking Chief Officer Financial Control Department Banking Operations Mr Paul Farrugia Mr Denis A. Micallef Human Resources and Dr Bernard Gauci Head Administration Advisor to the Governor Risk Management Department Mr Silvio Galea Ms Angele Camilleri Agius Monetary Operations and Manager Government Securities International Asset Management Office Mr Jesmond Gatt Knowledge Management Mr Gerard Grant Audit Committee* Manager Dr Aaron George Grech Financial Risk Management Office Modelling and Research Mr Victor Busuttil Chairman Mr Kevin J. Vassallo Mr Denis Micallef Manager Risk Management Mr Peter J. Baldacchino Finance Office Member Dr Bernadette Muscat Legal Dr Romina Cuschieri Member Mr Jesmond Pulé Statistics Mr Peter Paul Tabone Currency Services and Security *as at 30 March 2016 **Chairman from January to December 2015 THE BOARD OF DIRECTORS* (left to right) Standing: Mr Victor Busuttil (Director), Ms Philomena Meli (Director), Mr Peter J. Baldacchino (Director), Dr Romina Cuschieri (Director), Dr Bernadette Muscat (Secretary), Seated: Mr Alfred Mifsud (Deputy Governor), Professor Josef Bonnici (Governor and Chairman), Mr Alexander Demarco (Deputy Governor). *as at 30 March 2016 * as at Governor Professor Josef Bonnici 30 March2016 Deputy Governor Deputy Governor Financial Stability Monetary Policy Mr Alexander Demarco Mr Alfred Mifsud Legal Department Communications Department Internal Audit Department EU and International Relations Department Governors' Office CHART* ORGANISATION Financial Stability and Financial Markets Operations Corporate Services Division Economics and Statistics Division Banking Operations Division Risk Division and Control Division Mr Raymond A. Bonnici Mr Anthony P. Cortis Mr Paul R. Muscat Mr Oliver Bonello Mr Raymond Filletti Chief Officer Chief Officer Chief Officer Chief Officer Chief Officer Corporate Services Economics Banking Operations Risk Investments & Financial Control Monetary Human Resources Information Knowledge Operations and Modelling and Economic and Currency Services Payments and Financial Stability Risk Management Investments Financial Control Statistics and Administration Systems Management Government Research Monetary Analysis and Security Banking Department Department Department Department Department Department Department Department Securities Department Department Department Department Department Monetary International Monetary, Payment and Surveillance and Operational Risk Human Operations and Technology Asset Financial and Currency Banking Assessment Management Resources Collateral Services Office Management External Operations Office Operations Office Office Office Management Office Statistics Office Office Office Projects and Macroeconomic Policy and Crisis Financial Risk Government Administration Applications Market Analysis Payments and Security Control Regulation and Management Management Securities Office Development Office Securities Office Oversight Office Office Office Trading Office Office Statistics Office Statistical Stress Testing Government Collection and and Risk Models Securities Information Office Research Office Management Office Bank Ċentrali ta’ Malta Central Bank of Malta Eurosistema Eurosystem \Ä@ZäxÜÇtàâÜ g{x ZÉäxÜÇÉÜ 30 March 2016 The Hon Professor Edward Scicluna Minister for Finance 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 2015. Yours sincerely Professor Josef Bonnici CONTENTS GOVERNOR'S STATEMENT 11 I FINANCIAL AND ECONOMIC DEVELOPMENTS 15 1 International Economic Developments and the Euro Area Economy 16 The international economy International financial markets Commodities Economic and financial developments in the euro area 2 Monetary and Financial Developments 27 Core domestic banks' total assets Contribution to euro area M3 Residents' deposits Credit to residents Euro area residents outside Malta Credit market conditions The money market The capital market 3 Output, Employment and Prices 36 Gross domestic product Box 1: Evaluating the diversification of the Maltese economy Industrial production Tourism Construction The labour market Box 2: Estimating the impact of structural reforms on the female labour participation Box 3: Business and consumer surveys Consumer prices Costs and competitiveness Box 4: Residential property prices Box 5: Economic projections for 2016 and 2017 4 Balance of Payments 78 The current account Box 6: Merchandise trade developments in 2015 The capital account The financial account International investment position 5 Government Finance 85 General government Consolidated Fund Update on debt developments II BANK POLICIES, OPERATIONS AND ACTIVITIES 89 1 The Conduct
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