Issue link: https://maltatoday.uberflip.com/i/1061063
maltatoday | WEDNESDAY • 12 DECEMBER 2018 11 BUSINESS www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way IFS Malta recently organised its annual dinner, a well-es- tablished event in the financial services calendar as it brings together the leading players in the sector together with oth- ers from the wider economy to listen to keynote speeches from the governor of the Cen- tral Bank of Malta and Minister for Finance. The evening commenced with a welcome address from ifs Malta President, Kenneth B. Micallef in which he highlight- ed the Institute's main achieve- ments during the year and how the Institute was continuously evolving and adapting to the needs of the fast-changing and dynamic financial services sec- tor. To ensure the Institute con- tinues to provide the highest standard of financial services education it has forged strate- gic alliances and works closely with the University of Malta together with a number of in- ternationally renowned pro- fessional bodies, including the London Institute of Banking and Finance, the UK Chartered Banker Institute, the Interna- tional Compliance Association and the European Banking & Financial Services Training As- sociation (EBTN). Representatives of all these organisations were present at the dinner. Following the success of the recent ifs Annual Seminar which dealt with digital trans- formation and the opportuni- ties and threats it brings to fi- nancial services, Micallef stated that the Institute was working closely with key stakeholders to develop a professional quali- fication in this area. Mario Vella, Governor of the Central Bank, said that 2018 was a milestone date, as it marked the Central Bank's fif- tieth anniversary and ten years since joining the Eurosystem. Malta's economy continued to perform well with good GDP growth prospects, low unem- ployment and improved public finances. "While the outlook remains bright for Malta, this could be impacted by external downside risks in the global economy," he said. "Political uncertainty, inter- national trade losing its buoy- ancy and protectionist meas- ures being introduced, have resulted in less capital invest- ment and challenging financial markets." Signs have also begun to emerge that global economic growth, including Europe, is losing momentum. However, ECB's monetary policy will continue to provide support to the euro area economy. Malta's rapid expansion and population growth are putting pressure on the country's phys- ical infrastructure and more investment is needed. While government has already an- nounced initiatives to address the problem, this has to be complemented by the private sector. Rising house and rental prices need to be monitored. There is also need for more efficiency, better use of technology and less bureaucracy. Key performance indica- tors for domestic financial institutions remain healthy, however, there is no room for complacency. Risks have to be contained including those brought about by the intro- duction of new technologies and all stakeholders must work towards improving the reputa- tion, soundness and resilience of the financial services sector under increased international scrutiny. Fast economic growth will inevitably disrupt society's eco- nomic, social, cultural, political and institutional equilibria. To move forward, however, all re- sources and technical abilities must be used to navigate this new complex reality and ad- dress the risk involved. In line with its mission statement, the Central Bank is committed to doing its part in maintaining financial stability. Finance Minister Edward Sci- cluna said that joining the Euro ten years ago marked an impor- tant turning point in economic policy-making for Malta which has proved beneficial in terms of foreign direct investment, commercial attractiveness and market accessibility. The international financial crisis of 2008 was the worst economic shock Malta expe- rienced in many decades and a severe test for the country's institutions and policy makers. However, the economy kept on going thanks to the strong banking sector and the prudent approach and policies of its practitioners. "While monetary policy is no longer under Malta's direct control, fiscal management re- mains crucial, as this has con- tributed to turning Malta into one of the best performing EU economies," he said. "Fiscal governance remains high on the agenda." In spite of the negative news tarnishing the reputation of Malta's financial services sec- tor, Minister Scicluna stated that he is convinced the integ- rity and seriousness of the sec- tor will remain intact following the assessments being under- taken by the IMF and Money- val. 2018 has been an astounding success for the Maltese econo- my and a lot of this is due to the diligence of financial services providers and their practices which are conducive to eco- nomic growth. The three anniversaries being celebrated this year: the an- niversary of the establishment of the Central Bank, a decade since adoption of the Euro and ten years since the financial cri- sis, all bear testament to the re- sourcefulness of Malta's bank- ing community and the sterling work it provides, Scicluna said. Towards the end of the even- ing Colin Morrison, Deputy Chief Executive and Direc- tor of Education at The Char- tered Banker Institute, made a special announcement that ifs Malta Vice President, Peter Calleya was elected Fellow of the UK Institute. This was followed by a simi- lar announcement from Rob Thompson, Relationship Di- rector at the London Institute of Banking and Finance, who awarded ifs Malta President, Kenneth B. Micallef, with a Fel- lowship of the Institute. Fellowship is the highest level of membership and a mark of senior professional status. It is given in recognition of aca- demic qualifications, profes- sional achievements, and sup- port to the Institute and the development of professional- ism and professional education in the banking and finance sec- tor. International recognition for ifs Malta at its annual dinner From left - Peter Calleya, Vice President ifs Malta; Colin Morrison, Chartered Banker Institute; Kenneth B. Micallef, President, ifs Malta; Mario Vella, Governor of the Central Bank of Malta, Rob Thompson, London Institute of Banking and Finance; Professor Mario Spatafora, EBTN; Mark Agius, ifs Malta Vice President Dinner seating of guests Peter Calleya, ifs Malta Vice President, receiving his Fellowship from Colin Morrison Deputy Chief Executive and Director of Education at The Chartered Banker Institute