The European Central Bank (ECB)’s new Supervisory Board Chair has visited the MFSA earlier this month, for talks which focused on the regulator’s key strategic priorities.

Andrea Enria, who was appointed Chair of the Supervisory Board of the ECB’s Single Supervisory Mechanism (SSM) in January, was in Malta for two days, with his visit forming part of an annual programme of ECB-organised trips to eurozone-based National Competent Authorities. The SSM refers to the EU’s system of banking supervision and is made up of the ECB and member states’ national competent authorities. Its objectives are to ensure safety in Europe’s banking system, increase financial integration and stability, and ensure consistent supervision.

During his visit, Enria met with MFSA’s staff members involved in banking supervision and had a productive exchange of views on various aspects related to the supervisory sphere. The talks with Enria revolved around the Authority’s strategic priorities, including a discussion on the common challenges, such as the fight against money laundering, financial crime and the financing of terrorism. The strengthening of conduct in the financial services arena, together with other issues such as the stock of Non-Performing Loans, the threat of cyber-attacks, technological disruptions, the low interest rate environment and Brexit also featured in the topics of discussion. In comments to the press relating to the MONEYVAL report, Enria said: “Personally, I am confident that the Maltese authorities will manage to deliver the desired results to the benefit of the country’s banking system.”

MFSA CEO Joseph Cuschieri described this visit as an opportunity to exchange ideas and learn about the challenges faced by the ECB and other jurisdictions. This further helped the MFSA to learn and up its game, he said.

Enria’s visit also saw him meeting both with representatives of leading banking institutions as well as the Malta Banking Association.