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COVID-19 Updates

  • 3 Apr 2020 12:00 | Anonymous
    Following the advice by the National Health Authorities based on recommendations by WHO and ECDC, MBR will start processing paper format on the first working day after 72 hours from receipt of such document. We remind our clients that they can make use of our online platform. Furthermore, on-site inspections will be held through digital means.
    Any queries may be forwarded by email on info.mbr@mbr.mt or by telephone on 22582300.

  • 3 Apr 2020 12:00 | Anonymous
    The MDB COVID-19 Guarantee Scheme (CGS) provides guarantees to commercial banks in order to enhance access to bank financing for the working capital requirements of businesses in Malta facing a sudden acute liquidity shortage as a result of the COVID-19 outbreak. A Guarantee Fund of €350 million has been allocated by Government for the purpose of guaranteeing loans granted by commercial banks in Malta to meet new working capital requirements of businesses facing cashflow disruptions due to the effects of the COVID-19. The CGS enables the commercial banks to leverage Government’s guarantees up to a total portfolio volume of €777.8 million to support all types of businesses.
    Through the MDB COVID-19 INTEREST RATE SUBSIDY SCHEME (CIRSS), businesses will be benefitting from a subsidy of up to 2.5% on the interest rate charged by banks during the first two years of working capital loans guaranteed by the CGS.
    Loans will be available from the commercial banks accredited by the MDB. Loan applications are assessed by the commercial banks in line with their credit policy criteria. Final approval rests with the commercial banks. 
    For more information and the list of accredited commercial banks offering facilities under the CGS click here.

  • 2 Apr 2020 12:00 | Anonymous
    According to the law, the employment contract including all conditions of work is still a legally binding agreement and any changes need to be agreed with the employees.The Department of Industrial and Employment Relations (DIER) have issued the attached document which helps explain the conditions of work during the current COVID-19 situation.
    For more questions helpline is operating from Monday to Friday between 08:00 – 16:00.
    1575 for employees and
    1576 for employers
    Ideally queries should be done via email to info.dier@gov.mt. Please understand that the DIER is inundated with requests and responses might take longer than usual.

  • 2 Apr 2020 12:00 | Anonymous
    View the PDF here.
  • 27 Mar 2020 19:10 | Deleted user
    The Malta Institute of Accountants has been working closely with ACCA to provide you with the latest updates regarding the June 2020 Examination Sitting.
    We would like to inform that the June 2020 session has been cancelled.
    More information can be found via the following link dedicated covid-19 webpage.
    Should you have any queries you are kindly requested to contact us via email on js@miamalta.org or via telephone on +356 22581900.
  • 27 Mar 2020 16:30 | Anonymous
    In order to ensure consistency in the application of IFRS 9, the Malta Financial Services Authority (MFSA) has drawn attention to the Public Statement issued by the European Securities Markets Authority (ESMA) on 25th March, 2020 which specifically addresses the considerations that have to be made when accounting for economic support and relief measures.
    Kindly refer to the circular by MFSA and the details on the accounting implications here.

  • 27 Mar 2020 15:28 | Anonymous

    Bank of Valletta (BOV)

    Measures to support businesses
    The Bank is earmarking a fund of €10 million to be able to provide direct working capital for business customers facing cash flow issues related to COVID-19 scenario. Measures will be considered on a case-by-case basis on the particular circumstances of each business customer and may include:
    • Capital repayment holidays ranging from between three and twelve months
    • Ease of trade finance services via internet banking at no additional cost
    • Provision of direct working capital for customers facing short term cash flow issues
    Measures to support personal customers
    Flexible moratoria: A minimum of 3 months moratorium on both capital and interest will be applied for home loans and personal loans. The length of the moratorium will be tailored according to your situation and needs
    Increases in Overdraft and Credit Card Limits: Assistance will be provided to meet your short-term financial needs through temporary increases in overdraft and credit card limits subject to eligibility criteria at no extra charge
    Waiver of Fees: No fees will be charged on rescheduling of home loans and personal loans. Late repayment fees on late credit card repayments will also not be charged. This is for a temporary period.
    Extensions on Drawdowns and Utilisation of Credit Facilities: The Bank will entertain term extensions on drawdowns and utilisation of loans free of any charges. These extensions will also apply to the facilities featuring fixed term rates.
    Do not visit branches but send an email on info@bov.com.

    HSBC Bank Malta

    Measures to support businesses
    These measures, which are coming into effect immediately for those businesses which meet HSBC Malta’s credit criteria, include:
    • capital repayment holidays;
    • fee free temporary short-term working capital funding;
    • faster turnaround on issuance of shipping guarantees and the waiver of urgency fees;
    • as well as the waiver of amendment fees on Letters of Credit impacted by delays. 
    Measures to support personal customers
    To support our customers who may be experiencing financial difficulties as a result of the COVID-19 emergency, we have launched the following initiatives:
    • Customers holding a Home Loan or a Personal Loan can apply for a three-month repayment moratorium on their loan.
    • Late payment fee for all Credit Card accounts will be waived.
    • Customers may apply for a temporary increase in Overdraft or Credit Card limits subject to eligibility criteria.
    HSBC Bank Malta will be limiting access to the premises in order to safeguard employees and customers. It is recommended to use our alternative channels, including Online Banking, Mobile Banking app and Phone Banking. 

    Lombard Bank

    Measures to support businesses
    The Bank has allotted €12.5 million, to provide temporary working capital requirements to those business customers facing temporary liquidity shortages. The fund will be offered on favourable terms, including a fixed debit interest rate of 2.5% per annum for amounts up to €350,000 and for a period up to 18 months.
    Each case will be treated on its own merits and subject to the usual lending criteria, while no bank processing fees will be charged. The creation of this fund is apart from any other measures which the Bank may introduce to its customers as assistance during these extraordinary times. Those existing Lombard Bank customers who wish to learn more about availing themselves of this fund are to contact their relationship manager.
    Measures to support personal customers
    Lombard Bank will assist those of its Home Loan customers whose resources may be negatively affected by the COVID-19 pandemic. In the case of those who may face difficulty in meeting their repayment programme, the Bank will grant a twelve-month moratorium on 80% of the monthly Home Loan repayment. No fees will be chargeable but conditions may apply. Customers who wish to avail themselves of this moratorium are invited to email:  homeloans@lombardmalta.com and we will get back to you. 

    BNF Bank

    Measures to support businesses
    Now more than ever, our Business Relationship Managers are committed to providing financial advice and support with contingency preparations which businesses might require, in order to deal with the pandemic. Business Customers are encouraged to reach out directly to their Relationship Manager.
    Measures to support personal customers
    You can withdraw cash from any local Bank ATM 24/7 without incurring any related withdrawal charges. BNF Bank will refund all charges related to cash withdrawal from any other local Bank ATMs, until further notice. This support measure is aimed to help our personal banking customers reduce their travel for cash withdrawals.

    The bank would like to remind you that you can carry out your everyday banking needs, without having to visit a branch. Use the Internet Banking to view account activity, pay bills, make transfers and use a wide variety of self-service options. 

    APS Bank Malta

    Measures to support businesses
    The Bank is accepting requests for capital moratoria and for minimum periods of 3 months reflecting the respective business cycle of that particular industry or segment.
    The Bank is also considering requests for increases in overdraft limits, suspension of financial covenants and other relief measures according to the nature of the request.
    In all these cases, rescheduling and processing fees are being waived.
    Other specific relief measures will also be considered depending on the particulars of the request.
    Commercial Customers are invited to contact their Customer Relationship Manager directly with their request and to discuss options, eligibility and application modalities.
    Measures to support personal customers
    Home loan customers facing notable reductions in income or other circumstances affecting their employment or business activity, the Bank will receive applications for a moratorium on both capital and interest. The extent of the moratorium will be generous and agreed with each customer according to the particular case. No processing fees shall be charged.
    Retail Customers should contact their Branch Manager or Relationship Officer to discuss the same.

    Alternatively, customers can contact APS Contact Centre on 2122 6644 or write an email to the COVID-19 Business Response Team at covid19@apsbank.com.mt

  • 27 Mar 2020 11:52 | Anonymous
    The Malta Gaming authority (MGA) has issued communication which can be found in their website using this link; as to remind licensees that, in accordance with the Commercial Communications Regulations to which they are subject, all commercial communications must be socially responsible, especially in light of the current situation.
    Among other requirements, at no point must any commercial communications directly or indirectly:
    • Encourage antisocial behaviour
    • Suggest that gaming can be a resolution to social, educational, personal or professional problems
    • Suggest that gaming can be an alternative to employment
    • A solution to financial concerns or a form of financial investment
    • Portray gaming as socially attractive or
    • Suggest that solitary gaming is preferable to social gaming
    Kindly pass on this information to any affiliates.
  • 26 Mar 2020 12:00 | Anonymous
    In a tangible effort to minimize the requirement of personal attendance at the Customs Department for the purpose of settlement of Customs dues, all economic operators are informed that, currently, the Department has two forms of facility in this regard.
    One method is the settlement of Customs dues through the online payment system, which is currently available through HSBC Bank Malta plc, whereby in-real-time transactions are recorded and Customs declarations duly cleared. 
    Another facility made recently available by Customs Department is the bank-to-bank transfer for both HSBC and BOV clients, in respect of normal Customs entries.  In this case, Customs Department has opened two bank accounts, that is,
    Bank of Valletta p.l.c. bank account 500 03382 788; and
    HSBC BANK Malta p.l.c. bank account 043 021773 052.
    In this regard, payments are to be made after the complete process of the entries, including their result and, following the payment, an email is to be sent Mr Oreste Zammit (oreste.zammit@gov.mt), whose telephone number 2568 5181, with the following details:


    • Name of importer/operator;
    • EORI number;
    • Individual MRN number; and
    • Information of the Customs Department’s bank account used.
    In this case, Customs’ receipts will be sent to the importer/operator, as applicable, electronically.
    All economic operators are strongly encouraged to make use of these facilities in order to eliminate personal contact, as current circumstances dictate.

  • 26 Mar 2020 12:00 | Anonymous
    MGA extends deadline for the submission of audited financial statements
    On 25th March, 2020 Malta Gaming Authority (MGA) has issued communication verifying that due to the COVID-19 pandemic, the Authority is informing licensees whose last concluded financial year ended, or ends, between December 2019 and March 2020, that the deadline for submission of the audited financial statements envisaged in article 41 of the Gaming Authorisations and Compliance Directive is extended to the end of October 2020.
    Licensees are still obliged to submit unaudited accounts by not later than 180 days after the end of their financial year.
    The official communication can be found here.


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E-mail: info@miamalta.org

Tel. +356 2258 1900

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