Photo: MFSA Chairman Prof John Mamo (right) and MFSA Chief Executive Officer Joseph Cuschieri (left) welcoming Mr Andrea Enria
Over the past two days, Mr Andrea Enria was in Malta for his first visit as the new Chair of the Supervisory Board of the Single Supervisory Mechanism (SSM) at the European Central Bank. This visit forms part of an annual programme of visits organised by the European Central Bank to eurozone-based National Competent Authorities.
Mr Enria held various meetings with the senior management of the Malta Financial Services Authority (MFSA) and with representatives of the leading banking institutions licensed by the MFSA as well as with the Malta Banking Association.
Mr Enria also met with staff from all the Authority’s functions involved in banking supervisory matters, and with whom he had a fruitful exchange of views on various elements related to current themes within the supervisory sphere.
Discussions with Mr Enria focused on the MFSA’s key strategic priorities, including the strengthening of conduct within the financial services market and common challenges such as the prevention of money laundering, financial crime compliance and the financing of terrorism. Banking sector priorities were also on the agenda, including the stock of Non-Performing Loans, the threat of cyber-attacks, technological disruptions, the low interest rate environment and other recurrent themes, such as Brexit.
Together with the MFSA’s Chairman, Prof John Mamo, Chief Executive Officer Joseph Cuschieri welcomed Mr Enria and remarked, “It was a pleasure to welcome Mr Enria to the MFSA’s offices and discuss with him the challenges we are facing as well as our vision and strategic plan drawing upon Mr Enria’s vast experience in banking supervision. Exchanging ideas and learning about the challenges faced by the ECB and other jurisdictions is an opportunity for the MFSA to learn and up its game”.
Mr Enria, who previously headed the European Banking Authority, was appointed to his current position last January, for a five-year term. Enria replaced Ms Danièle Nouy who was the first-ever SSM Chair, which was established on 1 January 2014.
The Single Supervisory Mechanism (SSM) is the legislative and institutional framework that grants the European Central Bank (ECB) sole licensing authority over all banks in participating EU member states. The extent of prudential supervision varies, depending on whether a leading institution is considered “significant” or “less significant”. In Malta, the three largest banks are considered to be “significant” banks and are directly supervised by the ECB. The SSM aims to safeguard the soundness of the European banking system, increase financial integration and stability and ensure consistent supervision.