The Malta Financial Services Authority has taken note of various media reports concerning Pilatus Bank and the role of the Authority, and would like to state the following.

The MFSA granted a licence to Pilatus Bank to act as a credit institution in terms of the Banking Act on 3rd January 2014. The application for the licence was processed and assessed in full compliance with applicable legal requirements and in accordance with the Authority's authorisation procedures for the granting of a credit institution licence.

Pilatus Bank is subject to all prudential and supervisory rules and on going supervisory procedures of the MFSA applicable to credit institutions. This is evidenced, inter alia, through the on-site inspection carried out at the Bank by the MFSA in 2015 already reported in the media.

The MFSA is an independent authority. It has cooperated and continues to cooperate with other competent authorities as necessary.