Swift actions needed to ensure protection from financial risks
Whilst welcoming the MFSA’s decision to initiate the process for the return of customer deposits from Satabank, the Nationalist Party notes that the effected clients who have legitimate deposits with Satabank plc, are still subject to undesirable restrictions, following the freezing of their accounts in the last 48 hours.
Allowing the clients access to their accounts subject to a number of conditions in particular the opening of a new bank account in the case of clients whose sole account is with Satabank requires a lengthy process and will pose further distress and financial difficulties to these companies and the operation of their respective business. Thus, it is imperative for the MFSA to take immediate action and ensure that the financial risks exposed to these companies will be managed in a swift manner and where necessary compensated for.
The Nationalist Party notes that the MFSA has been economical with sharing of information and calls for more effective and legitimate communication with Satabank’s customers be it individual or companies. Our country’s reputation is critically at stake, where the private sector and legitimate investors are paying the price for Government’s passiveness to restore it.
Mario de Marco
Opposition spokesperson for Finance
Opposition spokesperson for Economy, Financial Service and Innovation