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FORTIETH ANNUAL REPORT and STATEMENT of ACCOUNTS 2007 © Central Bank of Malta, 2008 FORTIETH ANNUAL REPORT AND STATEMENT OF ACCOUNTS 2007 © Central Bank of Malta, 2008 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website http://www.centralbankmalta.org E-mail [email protected] Printed by Gutenberg Press Ltd Gudja Road Tarxien, Malta All rights reserved. Reproduction is permitted provided that the source is acknowledged. The cut-off date for information published in this Report is 29 February 2008 except where otherwise indicated. The source for data in tables and charts is the Central Bank of Malta, unless otherwise indicated. Since during the period covered by this Report the Maltese lira was the relevant currency, data presented in tables and charts refer to the Maltese lira alone. Euro equivalents, converted at the official rate of MTL/EUR 0.4293, have been inserted into the text to help the reader. Figures in tables may not add up due to rounding. ISSN 0577-0653 (print) ISSN 1811-1262 (online) The Mission and Objectives of the Central Bank of Malta (as from 1 January 2008) Our Mission The Central Bank of Malta is an independent institution which seeks to carry out its statutory responsibilities in the public interest. As a member of the Eurosystem, the Bank’s primary objective is to maintain price stability, thereby contributing to sustainable economic development. Our Objectives We seek to achieve this mission by:- Promoting price stability in the euro area The Bank promotes price stability in the euro area through participation by the Governor in the Governing Council of the European Central Bank (ECB). For this purpose the Bank conducts economic analysis and research. The Bank is also responsible for the implementation in Malta of the Governing Council’s monetary policy decisions. Contributing to the stability of the financial system The Bank contributes to the stability of the financial system through ongoing macro surveillance of the infrastructure, financial institutions and markets and by monitoring and assessing the implications for financial stability of economic and financial developments, both domestically and in the euro area. As part of its early warning system, the Bank analyses data to identify sources of risk and tests the resilience of the financial sector to withstand eventual shocks. This approach is supported by the development of a sound framework for the management of crisis situations and of contingency procedures. Ultimately, in order to safeguard financial stability, the Bank acts as lender of last resort. Promoting, regulating and overseeing sound and efficient payment and securities settlement systems The Bank promotes, oversees and regulates the operation of, and the participation in, domestic payment systems as well as any form of cash or security transactions, whether domestic or cross-border. This role relates both to retail and wholesale payment systems, including the instruments used, and involves the establishment of policy and the monitoring of payment and securities settlement developments. In exercising its oversight role, the Bank promotes a competitive, safe and efficient payment services environment. Supporting the development of financial markets The Bank promotes and supports the further development of the domestic financial market with the aim of facilitating its smooth and effective integration into the Pan-European market. Providing and promoting efficient currency services The Bank issues euro bank notes and coins in accordance with the Treaty establishing the European Community and in line with the Statute of the European System of Central Banks (ESCB) and of the ECB. The Bank is responsible for providing notes and coins to meet demand from the public. The Bank also ensures the authenticity and quality of currency in circulation through the withdrawal of counterfeit and damaged notes and coins. Optimising the returns on financial assets through prudent investment practices The Bank holds and manages a portfolio of foreign and domestic financial assets. It seeks to maximise the return on financial assets subject to prudent investment practices. The Bank is also responsible for managing its share of the pooled portion of the ECB’s own foreign reserves. Collecting, compiling, disseminating and publishing statistics The Bank compiles economic and financial statistics in accordance with international standards. These are provided to the ESCB and other international and domestic users. Statistics are made available through the Bank’s regular publications, its website, the publications of the ECB and other international organisations. Advising the Government generally on financial and economic matters The Bank acts as an advisor to the Government on financial and economic matters. In offering independent advice, the Bank contributes to sound policy-making. The Bank is able to do this on the strength of its expertise, its reputation and its independent status. The Bank also acts as banker and agent to the Government. In support of the above objectives, the Bank commits itself: (a) to actively participate in the Eurosystem, the ESCB and other relevant European Union bodies, including their sub-structures, and in meetings of international organisations; and (b) to maintain effective support and control functions, which include: • Motivating and developing skilled staff. To this end the Bank adopts appropriate recruitment and reward strategies and provides its staff with opportunities for training and development. • Procuring the necessary resource inputs and maintaining the organisation’s physical infrastructure in a cost-effective manner to ensure a congenial and secure working environment. • Maintaining a sound financial control system capable of delivering accurate and timely statutory and management information and designed to ensure that the Bank’s needs are effectively met within established budgets. • Enhancing the flow of information both within and outside the Bank. This is made possible through the sustained development of information and document-handling systems, and of the appropriate information technology infrastructure. • Maintaining a risk management framework which provides a common methodology for the identification, assessment, reporting, monitoring and treatment of risks. This is complemented by a sound business continuity management programme. • Operating an independent and objective assurance and consultancy function designed to add value and improve the Bank’s operations. The Bank also seeks to be transparent and publicly accountable. This is achieved through the publication of its financial statements, effective communications and announcements through its website, other publications and regular reporting to Parliament on its policies and operations. As a member of the Eurosystem, the Bank subscribes to the Eurosystem’s Mission, Strategic Intents and Organisational Principles. BOARD OF DIRECTORS* Michael C. Bonello Governor David A. Pullicino Deputy Governor Joseph V. Gatt Director Philomena Meli Director Charles J. Falzon Director Executive Management Committee* Monetary Policy Advisory Council* Investments Policy Committee* Michael C. Bonello Michael C. Bonello Michael C. Bonello Governor & Chairman Governor & Chairman Governor & Chairman David A. Pullicino David A. Pullicino David A. Pullicino Deputy Governor Deputy Governor Deputy Governor Alfred Demarco Joseph V. Gatt Godfrey Huber Director Director Director Economics and External Relations Finance and Banking Division Division Philomena Meli Director René G. Saliba Godfrey Huber Director Director Charles J. Falzon Financial Markets Division Finance and Banking Division Director Raymond Filletti René G. Saliba Alfred Demarco Senior Manager Director Director Financial Control Department Financial Markets Division Economics and External Relations Division Saviour Briffa Herbert Zammit LaFerla Senior Manager Director René G. Saliba Reserve Management Department Financial Stability Division Director Financial Markets Division Stephen Attard John Agius Manager Director Herbert Zammit LaFerla Middle Office Resource Management Division Director Financial Stability Division Mario Bugeja Manager Audit Committee* Investments and Reserves Office Joseph V. Gatt Chairman David A. Pullicino Member Charles J. Falzon Member *As at 31 December 2007 THE BOARD OF DIRECTORS (as at 31 December 2007) (Left to right) Joseph V. Gatt (Director), Philomena Meli (Director), David A. Pullicino (Deputy Governor), Michael C. Bonello (Governor & Chairman), Stephanie Sciberras (Secretary), Charles J. Falzon (Director). Joseph V. Gatt was appointed as Director of Philomena Meli was appointed as Director Charles J. Falzon was appointed as Director the Central Bank of Malta for a period of five of the Central Bank of Malta for a period of of the Central Bank of Malta for a period of years with effect from 1 January 2003. He is five years with effect from 21 January 2003. five years with effect from 7 February 2004. an economist and a retired banker. She is an economist and is presently an He is an economist and management adviser on trade policy matters in the General consultant and is currently a Senior Lecturer Affairs and International Trade Directorate at in the Faculty of Economics, Management the Ministry of Foreign Affairs. and Accountancy at the University of Malta. Organisation Chart* Governor Michael C. Bonello Economic Analysis Office Economic Research Research Office Director Department Deputy Governor Economics & External Statistics Office David
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