Board of Directors
In terms of the Central Bank of Malta Act, Cap 204, the Board of Directors shall be responsible for the policy and general administration of the affairs and business of the Central Bank of Malta, except in relation to the functions imposed, and the exercise of powers conferred, on the Bank by or under the Treaty on European Union and the Treaty on the Functioning of the European Union or the protocol on the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB) annexed to the Treaty. The Board consists of the Governor, two Deputy Governors, and four other directors.
One Deputy Governor supports the Governor by performing duties related to monetary policy and other duties as the Governor may direct. The second Deputy Governor supports the Governor by performing duties related to financial stability and other duties as the Governor may direct.
The Governor has the sole responsibility for the performance of the functions imposed, and the exercise of powers conferred, on the Bank by or under the Treaties and the Statute. The Governor and the two Deputy Governors are responsible for the day-to-day management and operations of the Bank in accordance with the policy of the Board and are answerable to the Board for their acts and decisions.
The Governor and the Deputy Governors are appointed by the President of Malta, acting on the advice of the Prime Minister. The other Board Members are appointed by the Prime Minister. Both the Governors and the other Board Members are appointed for a term of five years but are eligible for re-appointment. The Bank is accountable to the House of Representatives and the Governor may be requested to report once every six months on the conduct of the Bank before a committee of the House of Representatives, currently the Economics and Financial Affairs Committee and to provide such committee with any information deemed necessary.
(Photos: Domenic Aquilina)