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Economy and Banking Sector of Malta

Financial Market Development

Financial Market Development
4.4 (max 7.0), 43rd out of 138 countries
Banks' Soundness
5.9 (max 7.0), 17th out of 138 countries

According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Malta is scored 4.4 out of maximum 7.0 and ranked 43rd out of 138 analysed economies, trustworthiness and confidence of financial market is scored 4.4 (59th place).

Financial Market Development in Malta.

Chart 1. Financial Market Development in Malta. Source: WEF.


Soundness of banks is scored 5.9 bringing Malta into the 17th place.

Soundness of Banks in Malta.

Chart 2. Soundness of Banks in Malta. Source: WEF.

Further Information

Deposit Guarantee Scheme

Maximum Protected Amount
100 000 EUR

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Malta are summarised in Table 1.

Scheme Participantsall credit institutions operating in Malta, branches of non-EEA banks, branches of Maltese banks abroad
Scheme Exemptionsbranches of EEA-banks (covered by their home countries)
Covered Accountsmost types of deposit are covered, including current, deposit and savings accounts
Maximum Protected Amount100 000 EUR
Paid In Currencyin the same currency as the deposit

Table 1. Deposit guarantee scheme in Malta.

EEA stands for European Economic Area and consists of all EU member states plus Liechtenstein, Norway and Iceland.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
Aaa (prime)
Foreign Currency
Aaa (prime)

Local currency (Euro) deposit ceiling for Malta is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).

Deposit Rates

Average Deposit Rate (Jan 2018, EUR)
0.78 % (unchanged)
In January 2018, an agreed annualised deposit rate in local currency (Euro) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.78% which was above the Euro Area average (0.37%).
Deposit Rates in Malta.

Chart 3. Deposit Rates in Malta. Source: ECB.

Further Information

Banking Supervision

 Central Bank of Malta

Banking Sector Structure

Number of Banks
26
Consolidated Assets (2017)
47 774.57 mln EUR  (+3.02%)
Recent Changes (2017)
new banks: 0, closed banks: 2

Currently there are 26 credit institutions operating in Malta.

In 2017 consolidated banking assets in Malta were 47 774.57 mln EUR. The consolidated banking assets' evolution is shown at Chart 4 below.

Consolidated banking assets in Malta.

Chart 4. Consolidated banking assets in Malta.

Recent structural changes (2013 - 2017) of the banking sector of Malta are summarised in Table 2.

20132014201520162017
Number of Opened Banks03200
Number of Closed Banks03112

Table 2. Recent structural changes in the banking sector of Malta.

The list of the most recently opened banks in Malta is provided in Table 3.

NameStart Date
 Credorax Bank Limited (new)June 2015
 Yapi Kredi Bank Malta Limited (new)January 2015
 SATABANK plc (new)November 2014
 ECCM Bank plc (new)July 2014
 PILATUS BANK PLC (new)January 2014
 

Table 3. The most recently opened banks in Malta.

All the credit institutions operating in Malta can be classified into several categories. Table 4 summarises the number of banks in each category.

CategoryNumber of Banks
Banks22
Branches of foreign banks3
Central banks1

Table 4. Number of banks by category in Malta.

There are 3 branches of foreign banks from 2 different countries in Malta. Table 5 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
 Turkey2
 Netherlands1

Table 5. Number of branches of foreign banks in Malta grouped by country of origin.