At a meeting with Economy Minister Silvio Schembri and Malta’s leading banks, the former revealed in a public announcement that banks “gave [the Minister] their word that they will work hand in hand with the Government” to see a set of new banking measures implemented.
As part of Labour’s electoral manifesto in the run up to the 2022 March general election, which saw the party voted into power, it promised to:
Mr Schembri on Wednesday shared that he met with Malta’s principal banks on the above reform, and described the meeting as positive.
When the proposals were first announced back in March in the run up to the election, The Malta Chamber and the Chamber of SMEs welcomed the idea.
Both organisations, especially the Chamber of SMEs, have continually raised the concerns and complaints of its members in public fora about the quality of banking services for businesses on the island, particularly access to finance and the plethora of documentation and questions raised when making transactions.
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