The Central Bank of Malta’s accession to full membership of the ESCB on 1 May 2004 necessitated a review of the bank’s relations with the government in order to take account of the bank’s new status, and discussions commenced for this purpose.

Among the subjects discussed was the matter of the bank’s premises in Valletta, which were held on a temporary lease from the government. Considering also that the premises had been extensively altered to adapt them to the bank’s needs, the bank felt that its long-term interests would be best served if the premises were to

feature as an asset on its balance sheet.

The government acceded to the bank’s request to purchase the property, and after discussions that started in September, agreement was reached and a contract was signed last week for the purchase of the bank’s main premises on Castille Place and the house located on Pope Pius V Street.