At the recent annual general meeting of the Malta Bankers’ Association, Mark Watkinson was elected chairman of the Board of the Association for the coming year. The other Board members are Charles Borg, Edward Cachia, Marcel Cassar, Dr Michael Ellul Sullivan, Mario Gauci, Thomas Haag, Joseph Said, Mr Schmeltzer and Joaquim Silva Pinto.

The combined balance sheet total of the Association’s member banks as at the end of 2011 expanded to just over €50 billion, while total equity surpassed the €10 billion mark. The number of their full-time employees was close to 4,000. The direct contribution of the banking sector to the local economy remains significant, with payroll last year amounting to €123 million, taxation on profit on ordinary activities reaching €133 million, and dividends paid to resident shareholders amounting to over €55 million. Loans and advances to customers totalled €18 billion, with amounts owed to customers standing at €18.3 billion.

Mr Watkinson expressed satisfaction at the continued resilience of the Maltese banking sector, which is underpinned by strong capital and liquidity ratios. This has ensured the continued flow of credit to domestic households and businesses for the island’s drive to achieve sustainable economic growth in the prevailing challenging environment.

Mr Watkinson added: “It is a credit to the sector that Malta’s banking business was ranked as the 12th soundest out of 142 countries by the World Economic Forum in its Global Competitiveness Report for 2011-2012.”