The Minister for Finance Prof. Edward Scicluna paid an official visit to the Central Bank of Malta at the invitation of the Governor, Professor Josef Bonnici, on 19 July 2013.
After being greeted by the Governor, the Minister was introduced to the Central Bank Board of Directors and the Executive Directors. Prof. Scicluna is himself a former Director of the Central Bank of Malta, having served on the Board between 1996 and 2002.
The Minister also had the opportunity to tour the Central Bank’s various offices and Departments, meeting staff members and officials while being briefed on the role and functions of the Bank, whose primary objective is to ensure price stability and financial stability.
“It is a great pleasure to see such a team of highly qualified and specialised persons at the CBM undertaking a number of sensitive operations on which the government and the country depends,” said Prof. Scicluna. “Malta depends on the Bank’s constant vigilance and its contribution to the country should never be under-rated.”
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Finance Minister visits Central Bank of Malta and meets officials and staff
The Minister was first introduced to staff from the Governors’ Office which is responsible for the coordination and preparation of reports and speeches for the Governor.
This complements the work of the EU & International Relations Department which co-ordinates the documentation for the Governor’s participation in the European Central Bank’s Governing Council which sets the monetary policy for the euro area.
This Department also coordinates all relevant documents relating to the Bank’s participation in EC, IMF and EBRD meetings as well as contributes to the preparation of speeches and presentations by the Governor in seminars. The Minister was also briefed on the legal services provided by Legal Office.
At the Economics and Research Department, the Minister was briefed on the analysis conducted by the Bank to support the CBM’s role as advisor to the Government on financial matters and to assist the Governor’s function in the Governing Council, besides other tasks including the publication of the Quarterly Review and Annual Report and the preparation of macroeconomic projections for the Maltese economy.
At the Reserve Management Department, Prof. Scicluna was briefed regarding the treasury management of the Bank’s portfolio of financial assets as well as part of the ECB’s foreign reserves.
This was followed by a tour of the Monetary Operations and Government Securities Department, which is tasked with the implementation of monetary policy in Malta in line with the Governing Council decisions. The Department is also responsible for the Bank’s market-making role for Government securities, whereby it fosters liquidity for such securities in the secondary market.
The Minister then proceeded to the secure area of the Bank to meet staff from the Currency Services and Security Department, where he was briefed on the CBM’s responsibility for the issuance of euro banknotes, ensuring the quality and authenticity of the banknotes in circulation, and on the Bank’s security system.
At the Payments and Banking Department, the Minister was briefed on the various retail banking services provided by the Bank as banker to the Government and to the local banks, as well as the Bank’s participation in and operation of the TARGET2 payments system and the development of efficient payment instruments such as SEPA.
The Minister was also briefed on the role of Communications Department in areas relating to public relations with the media and the general public, management of the Bank’s website and the organisation of corporate events including ECB meetings held in Malta.
He proceeded to meet staff at Statistics Department for a brief overview of the Bank’s role in the collection and dissemination of financial data.
At Financial Stability Department, the Minister was briefed on the bank’s role of monitoring the domestic financial system to evaluate potential systemic risks and vulnerabilities, performance of stress testing of banking institutions and other functions such as the publication of the Financial Stability Review and information for the Governor’s participation in the Eurosystem’s European Systemic Risk Board. This Department also supports the Governor’s participation in the Joint Financial Stability Board which includes senior officials of the CBM and the MFSA to discuss issues relating to macro-prudential policy.
Other areas visited by the Minister included the Information Systems Department, the Knowledge Management Unit, Internal Audit Department, Financial Control Department, Human Resources and Administration departments, the Planning & Risk Management Department and the Library which provides services to both staff members and external customers especially university students.
– Friday, 19th July, 2013