NEWS | Wednesday, 30 January 2008

MFSA secretive over bank charges revision

David Darmanin

The Malta Financial Services Authority (MFSA) is keeping mum on what lies behind ongoing discussions with banks over a review in bank charges.
Parliamentary Secretary Tonio Fenech told Business Today last week that the local banking regulator, MFSA, is currently addressing issues with excessive rates that local banks may be charging their customers. Fenech was speaking after attending the Ecofin meeting in Brussels, which heard how the Commission found an illegality in international charges imposed by the world renowned credit card company Master.
A spokesperson for MFSA Chairman Prof. Joseph V. Bannister confirmed with Business Today what Fenech told this newspaper. When asked to provide further details on the nature of the discussions with the banks the spokesperson insisted that the authority could not disclose any details.
It is not known whether the MFSA is enforcing an outright clampdown on bank charges it deems excessive or whether it is simply asking bankers to justify their positions with regards to charges imposed.
Over a year ago the MFSA had published a comparative study of all charges and tariffs levied by the four major commercial banks.

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