ifs-Malta recently organised its annual dinner, an event which has now become established in the calendar of bankers and financial services practitioners in Malta.
Newly elected ifs President, Kenneth Micallef presided over the event. In his welcome address, he highlighted the Institute's main achievements during the year and thanked all those who contributed towards the success of the Institute over the years. He also gave his firm commitment to continue to building and establishing the Institute as a natural choice for those wishing to develop themselves academically in the area of financial services.
Mr Micallef also thanked representatives from overseas partner organisations who specifically travelled to Malta to attend the dinner. Amongst the foreign organisations which were represented at the event were the IFS University College, the International Compliance Training, Bangor University, and the European Banking & Financial Services Training Association (EBTN).
Conscious of the challenges that the dynamic financial services sector is facing, Mr Micallef stated that the Institute fully understands the responsibilities that it has towards the industry and reiterated the commitment of ifs Malta to continue doing its utmost to contribute towards the sector's sustained success.
Mr Micallef concluded by thanking outgoing President Mr Simon Grech for his sterling work and the contribution he gave to the Institute.
The gathering was then addressed by Professor Josef Bonnici, Governor of the Central Bank of Malta and member of the Governing Council of the European Central Bank. In the introduction to his policy speech the Governor commended the Institute for its pro-activeness in raising the standards of financial services education as this is essential for the sector's future success. Governor Bonnici also noted the successful contribution of the ifs Annual Conference held earlier in the year which was focused on pensions, stating that, amongst other, the conference served as an important catalyst to rekindle the debate on private pensions in Malta.
Governor Bonnici proceeded to give a detailed analysis of the wider economic macro-environment and the factors underpinning Malta's remarkable resilience. He also highlighted some challenges that cannot be ignored and areas where more value can be added for the benefit of the economy.
The final address of the evening was delivered by the Minister for Finance, Professor Edward Scicluna who commended ifs Malta on its activities throughout the year, and stated that "Malta's economic future is indeed bright, but not without risks." Referring to the last report on Malta by the International Monetary Fund (IMF), Minister Scicluna noted how policy initiatives over the years directly contributed to the solid economic growth being experienced in Malta and the importance that this continues. Other main topics in the Minister's address focused on issues relating to taxation and access to credit by SMEs.
The common theme from all speakers during the event was that while the financial services sector in Malta continues to be successful and an important pillar of the economy, there is much more work to be done by all the participants involved if we wanted to ensure its long term sustainability.