Satabank will start releasing the deposits of the first group of bank clients on Monday, the Malta Financial Services Authority said on Thursday evening.

“As part of the controlled release of deposits, and further to the MFSA’s directive, EY as competent person will start the return of deposits to the first group of Satabank customers,” the MFSA said in a statement.  

This process shall start as of Monday 26 November 2018. The first customers will be selected from those which have balances between €50 and €15,000, and which have been through a review procedure, the authority said.

These customers will receive the entire balance held in their account.

Satabank will be contacting customers resident in Malta to fix an appointment in order to arrange for payment.

At the appointment, customers will be able to choose whether they provide account details of a credit or payment institution or receive a bank draft.

Alternative arrangements are being put in place for those customers who are not resident in Malta.

This is the first step in the process and more information will be provided in respect of future return of deposits, the MFSA said. 

Satabank has been in the news ever since the MFSA ordered it to 'refrain, cease and desist' from taking further deposits into the accounts of its current customers. The move reportedly came after the authority found shortcomings in the bank’s anti-money laundering procedures.

 

Since then, many clients have complained that they did not have access to the funds they have deposited at the bank, some even saying that they have been unable to pay for their daily needs.