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8 MATTHEW VELLA LENDING patterns have changed slightly, a study of bank- ing data by the Central Bank shows. While Malta's strong economic performance and low unemployment is allowing more people to become homeowners and afford mortgages, in contrast many Maltese are also making less use of bank loans to fund consumer purchases. Household mortgages grew in 2016 to 46% of banks' total credit portfolio, up from 43% the year before, thanks to stable job con- ditions that ensure borrowers are creditworthy and suffer from lower risks to finance their house purchases. In contrast, resident consumer credit contracted, down from 7% of total residents loans to 6.5%, a sign that households are fund- ing big ticket-purchases through savings rather than credit, or alternative sources such as hire purchase. According to the Central Bank's bank lending survey, Maltese banks experienced an increase in mortgage demand in 2016 thanks to stronger consumer confi- dence, low interest rates, and "buoyant housing market condi- tions". Even lending to resident non- financial corporates contracted further, by 5.1%, mainly through lower lending to the public sec- tor. Resident private non-financial corporates also secured less bank credit, a 3.4% reduction, which was offset by a strong increase in bond issues, indicating a shift away from banking financing to- wards market financing. This was partly driven by high liquidity needs and a search for lower funding costs. Indeed, net bond issues on the stock ex- change in 2016 increased by 25% to €950 million. Banks also reported improved loan performance. The rate of outstanding non- performing loans dropped by 18.4% but this was also attribut- able to a write-off exercise at the end of 2016. Resident customer deposits grew at a much slower pace, by 7.3% as against 12.3% a year ear- lier, although interest rates on deposits are very low. maltatoday, SUNDAY, 20 AUGUST 2017 News A.F.ELLIS (HOME DECOR) LTD, of Xewkija, Gozo is a retailer of ceramic tiles and sanitary ware and the parent company of GOZO CONCRETE PRODUCTS LTD. which manufactures cement blocks, marble and Gozo Hardstone products in our factory at Xewkija Industrial Estate. In order to strengthen our team, the following vacancies have arisen: ACCOUNTANT (Gozo based) The successful candidate will be ideally a graduate in accountancy and would be expected to prepare regular management accounts, financial statements, statutory reports, payroll runs and tax and VAT returns. A knowledge of Sage and MS Office is essential. SALESPERSON (Malta based) A salesperson is required for our Malta outlet. The right candidate should have a pleasant and persevering personality. The ideal candidate should also have a good knowledge of English and Sage. An attractive salary will be offered to the right candidates. Letters of application and CV's should be submitted to the managing director by e-mail on mail@afellis.com.mt by August 31,2017. VARIOUS security features have become the mainstay for differ- ent passports and their manufac- turers, paying testimony to the way this complex travel docu- ment has become intrinsic to global security concerns and in- formation sharing. Few travellers would however consider the countless ways passport manufacturers have de- veloped to keep these documents tamper-proof, making them the most valuable identity document internationally. Holographic 3D-images are a staple of passports and the most recognised security feature, vis- ible to the naked eye and ma- chines, and a structure feature according to the International Civil Aviation Organization's Doc 9303 'Machine Readable Travel Documents'. Electronic passports, or e-pass- ports, also feature a chip contain- ing the passport holder's photo and identification data that is embedded in the last page of the passport. They may also include encoded data that are invisible to the naked eye, stored on special security threads in the passport that can only be decoded using the proper machine reader. Such hidden information adds an extra layer of security to the passport. UV dull paper is a special kind of paper that does not reflect ul- traviolet light. This means that the UV ink will not appear on the paper in regular light and can only be viewed under black light. A watermark is a design formed in the paper, typically using a tonal gradation, that is visible when held up to the light. Pass- port printers may use a different watermark for the data page and the visa pages of the passport in order to thwart those who would attempt to replace the data page. Modern passports also include what is known as optically vari- able ink. This is ink that changes colour depending on the light used to look at it. In fact, pass- ports make use of special print- ing techniques as well as custom inks, threads and papers to make them next to impossible to forge. An anti-scan pattern is an im- age made of fine lines at vary- ing angular displacement in the background design of the pass- port paper. This security feature is not visible to the naked eye. However, when the passport is scanned or photocopied the anti-scan pattern becomes vis- ible. This helps thwart those who would attempt to forge a pass- port. A Guilloche design, a pattern of computer-generated fine lines that forms a unique image, can only be reproduced with access to the original software, making it impossible for forgers to copy a passport. Special font and font sizes are also a staple security feature of modern passports, making them difficult to replicate as they can include deliberate errors. Some passport pages may also include a font that is so small it's not even visible under a microscope. Perhaps mostly adding that im- penetrable layer of security are 'invisible' fluorescent fibres em- bedded into the passport paper, visible under UV light. Special chemical mixes – sensi- tizers – also prevent tampering. When bleach or other solvents are poured onto the passport pa- per in an attempt to alter them, irreversible colours will develop on the pages due to the sensitiz- ers. Then there are tactile security features, which give the docu- ment a certain feel or texture. An example of a tactile feature is intaglio printing – the process of creating a relief print or image with a tactile feel on the paper. And finally, passports also use a special sewing technology to bind the booklet together. The method is such that if someone tries to take the booklet apart it will be obvious that tampering has taken place. Sewing threads may also be UV fluorescent as an added security measure. How difficult is it to forge a passport? MaltaToday explains Making sense of the news ? Send us your subjects on dailynews@mediatoday.com.mt One of the most precious documents in use is also the most complex to manufacture Mortgages grow, but banks see fewer consumer loans taken out Not taking security lightly Malta's strong economic performance and low unemployment is allowing more people to become homeowners and afford mortgages