News & Events

ifs Malta is celebrating its 50th anniversary since its inaguration at the Exchange in Valletta in 1961. To commemorate this important milestone, the ifs Committee is organising a series of events and activities that will reflect on their achievements throughout the years and also give insight into their future plans. The first activity was a thanksgiving mass for past and present Committee members, examiners and lecturers and their respective families. The mass was held at the Russian Chapel at San Anton Palace in Attard and was concelebrated by the HG the Metrpolitan Archbishop of Malta Mgr Paul Cremona. Befittingly, during the mass the three ifs Presidents who passed away: Alfred Camilleri, John G Borg Bartolo and Louis Galea, were also remembered. His Excellency Dr. George Abela, President of Malta also attended the mass and afterwards received a donation for the Malta Community Chest Fund from ifs Malta President, Mr. Joseph Abdilla.

A 5 minute featurette outlining the key developments of the Institute for the past three years and an outline of the introduction of the new CMBA programme awarded by the Bangor Business School University (UK) and the Chartered Institute of Bankers in Scotland, brought to the local market by the Institute of Financial Services - Malta.

ifs Malta recently launched in Malta a ground-breaking new qualification that allows individuals to obtain the dual award of a top MBA coupled with 'Chartered Banker' status. This innovative qualification is awarded by the internationanly renowned Bangor Business School University (UK), in partnership with the worlds oldest professional Institute of Bankers, the Chartered Institute of Bankers in Scotland. During a presentation to prospective students held at St.James Cavalier, Valletta, Mr. Phil Ryan, Managing Director of the CMBA programme explained the benefits of attaining such a qualification, outlining the course contents and the eligibility criteria of the different streams of the programme and the possibility of attaining exemptions in recognition of existing professional qualifications. During the launch, Mr. Robert J. Sultana, Business Development Manager of ifs Malta, delivered a presentation on the various Government funding schemes and EU reimbursements available and explained how ifs Malta would facilitate and assist potential candidates interested in reading for the CMBA. The first intake will take place in January and February 2012.

ifs Malta recently hosted a meeting as part of the EU funded Banking Insurance Finance (BIF) project. This project focuses on promoting learning outcomes through the European Credit Transfer System for Vocational Education and Training (ECVET). Its main objective is to allow greater portability of qulaifications in the BIF sector, which in turn will facilitate mobility of labour across Europe. The Malta meeting was instrumental in finalising the methodlogy and guidlines for the attribution of ECVET credit points and agreeing the action plan for the finalisation of the project and dissemination conference which is due to take place in Rome in September.

ifs Malta recently organised a business visit for its members to SmartCity in Ricasoli as part of its activities programme. The delegation was welcomed to SmartCity by Executive Director, Jin Won Choi, who delivered a presentation on the concept of this self-sustained industry township for knowledge-based companies and its development. Following the presentation, the delegation was given a tour of the physical facilities where they had the opportunity to experience first-hand how this potential thriving business venture was progressing and gain insight into its future plans. ifs Malta President, Mr. Joseph Abdilla thanked Mr. Won Choi for hosting the ifs Malta delegation and for taking the time to explain this most interesting project. On his part, Mr. Wo Choic, augured that this visit will foster further cooperation between SmartCity and the Maltese financial services sector.

ifs Malta and the MUBE in conjunction with the MQC recently organised an awareness seminar on the application of the European Qualifications Framework (EQF) within the Financial Services Sector. The Seminar was addressed by a number of distinguished local and foreign speakers who have vast knowledge and expertise in this area. This included Dr. James Calleja, (Permanent Secretray, Ministry of Education, Employment and Family); Professor Mario Spatafora (Vice President of the European Banking and Financial Services Training Network) and Ms. Mariola Szymanska-Koszczyc (Vice President of the Warsaw Institute of Banking). The main objective of the seminar was to apply and promote the EQF as a valuable framework to redesign and create competence based qualifications in the financial services sector. During the seminar, sector specific EQF translators and a recommended methodological approach in their application were presented. EQF acts as a translation device that makes national qualifications more readable and transparent across Europe, promoting employee and learner's mobility and flexibility, and facilitating lifelong learning. The seminar was held as part of the communication process of the "Financial Services EQF Translators in EU" (FIRST) project which is financed by the European Union through the Lifelong Learning Programme.

ifs Malta recently held its Annual Presentation of Certificates at the Corinthia San Gorg, St.Julians. Certificates were distributed to over 250 students who successfully passed their course of studies  and/or training programmes. Mr. Alfred Demarco, Deputy Governor of the Central Bank of Malta presided over the ceremony which was compered by Mr. Simon Grech FCIB, the Institute's Education Director. The evening commenced with an introductory address from President, Mr. Joseph Abdilla FCIB. In his address, Mr. Abdilla highlighted the importance of having professional qualifications through academic courses, seminars or bespoke training programmes. The ceremony continued with a presentation by Mr. Robert J. Sultana, ifs Malta Business Development Manager, who gave a brief history of the Institute's development over the past 50 years and its many activities. Mr. Sultana also highlighted recent educational developments which include new specialised courses and an interactive website. Mr. Demarco delivered the concluding address in which he emphasized the importance of education and professionalism, especially in the light of Malta establishing itself as an international financial services centre. He also commended ifs Malta for all its endeavuors  and its continuous efforts in fostering professionalism in the Maltese financial services sector and augured it every success in the future.

ifs Malta Committee Member, Mr. Peter Calleya has been elected to the Executive Committee of the European Banking and Financial Services Training Network (EBTN). This was confirmed at a recent meeting of the EBTN Board of Directors held in Amstertdam, Netherlands. Mr. Calleya will serve as Treasurer of the Association for the period 2011 - 2014. During the same meeting Mr. Clemens Spoorenberg from the Netherlands Institute for Banking, Insurance and Investments was elected, President. EBTN is a non-profit making association with the aim of promoting a high quality standard approach to education and training and sharing best practices within the financial services sector. It presently consists of over 30 full members hailing from all over Europe together with a number of affiliate and associate members. All member organisations are involved in banking and financial services education and training.

ifs Malta recently held its Annual Presentation of Certificates at Grand Hotel Excelsior, Floriana. Certificates were distributed to over 150 students who successfully passed their course of studies. Mr. Tonion Deapsquale, CEO of Bank of Valletta plc presided over the ceremony which was compered by Mr. Simon Grech FCIB, the Institute's Education Director. The evening commenced with an introductory address from the Institute President, Mr. Joseph Abdilla FCIB. The ceremony continued with a presentation on new ifs Malta qualifications given by Mr. Robert J. Sultana, ifs Business Development Manager. Following the presentation of certificates and awards of bank prizes to the top students, Mr. Depasqaule delivered the concluding address in which he emphasized the importance of education, especially in a sector such as the financial services, for the ongoing sustainable development of the economy and betterment of society in general. He also stated that if ifs Malta was not carrying out its sterling work, bank employees would not have the necessary qualifications to foster professionalism in the Maltese financial services sector. Mr. Depasquale commended ifs Malta for all its endeavuors and augured it every success in the future.

A delegation from the ifs Malta comprising of Ms. Wendy Zammit, Mr. Peter Sant and Mr. Peter Calleya, recently returned from Warsaw, Poland where they participated in back-to-back meetings of two EU funded projects relating to the recognition and portability of financial services qualifications acress Europe. The Banking Insurance Finance (BIF) Project is focusing on promoting learning outcomes through the European Credit Ransfer System for Vocational Education and Training (ECVET). The objective is to allow greater portability of qualifications in the BIF sector, which in turn will facilitate mobility of labour which employes more than 6 million people in Europe.The other project, which has the acronym FIRST, was born out of a strong belief that the European Qualifications Framework (EQF) has the potential to bring long lasting benefits to the European Financial Services sector. The project seeks to identify specific EQF descriptors that can be applied to financial services which will facilitate the adoption and the understanding of the EQF framework and hopefully motivate qualification providers to apply it to their new qualifications. Although the FIRST project is specifically addressing the financial sector, its sectorialisation approach also makes it relevant to other areas. Hence, ifs Malta is cooperating and working closely with the Malta Qualifications Council on this project. These meetings were hosted by the Warsaw Institute of Banking and similar meetings have already been held in Brussels and Edinburgh. The project partners are also scheduled to hold a meeting for each project in Malta next year. 

The Chairman of the Malta Financial Services Authority, Professor Joseph V. Bannister and Mr. Lawrence Zahra, Manager at KPMG have been elected Fellows of the ifs School of Finance in recognition of their respective professional achievements and sterling work towards the Institute and the financial services' profession. This was announced by Mr. Keith Trower, Director of Higher Education and Executive Development of the ifs School of Finance (UK), at the recently held ifs Malta Annual Dinner. The Fellowship scrolls were presented to Professor Bannister and Mr. Zahra by ifs Malta President, Mr. Joseph Abdilla who is also a Fellow of the Institute. Professor Bannister has been highly supportive of the Institute's activities and continuously encourages the professional development of financial services' practitioners through learning and CPD activities. He has also been instrumental in assisting the Institute in introducing new educational courses and activities. Mr. Zahra has been a long-standing member of the Institute and is actively involved in its educational courses. For a number of years now he has also served as auditor to ifs Malta on a voluntary basis. "The contribution of Professor Bannister and Mr. Zahra to the Institute and financial services education in general is commendable. Electing them as Fellows of the ifs School of Finance is most benefitting and truly merited" said ifs Malta President, Mr. Joseph Abdilla.

ifs Malta recently held its Annual Presentation of Certificates at the Westin Dragonara Resort, St.Julians. Certificates were distributed to over 150 students who successfully passed their course of studies. Mr. George Borg, Director Student Services within the Ministry of Education, Youth, Culture and Sport presided over the ceremony which was compered by Mr. Simon Grech FCIB, the Institute's Education Director. The evening commenced with an introductory address from ifs Malta President, Mr. Joseph Abdilla FCIB. The ceremony continued with a presentation on "Branding" from Mr. Joseph Vella, one of the top local candidates who completed the BSc (Hons) Financial Services of the University of Manchester and Associateship of ifs. Following the presentation of certificates and award of bank prizes to the top students, Mr. Borg delivered the concluding address in which he emphasized the importance of education, especially in a sector such as financial services, for the ongoing sustainable development of the economy and betterment of society in general. He also commended ifs Malta for all its endeavuors and its continuous efforts in fostering professionalism in the Maltese financial services sector and augured it every success in the future.

ifs Malta in collaboration with Ganado & Associates have launched the first in a series of books about Maltese Financial Services Laws. This comprehensive publication offers a guide of the relative local legilslation to help the reader understand in a clear and straightforward manner the financial services laws applicable in Malta. The book provides an introductory review of a number of important aspects, ranging from the laws of contract, trusts and corporate structures to the laws of confidentiality, taxation, regulation, national interest, data and consumer protection. The publication is edited by Dr. Max Ganado and produced by ifs Malta and Ganado & Associates. Similar publications dealing with other aspects of financial services laws are also planned to be published in the future. Dr. Andre Camilleri, Director General of the Malta Financial Services Authority, also spoke at the launch, highlighting the importance of having a sound legilstaive and regulatory infrastructure and professional human resources in the development of Malta's financial services sector and commended ifs Malta and Ganado & Associates for taking this initiative. Also speaking during the launch was Dr. John Consiglio, currently University lecturer and occupying a judicial capacity as Chairman of a local tribunal and former ifs Malta President and banker for over 40 years.  Dr. Ganado said that "producing this series of publications was perceived a while ago as it was considered necessary in light of the changes and developments that had taken place in the dynamic Maltese financial services sector. Although a daunting task that required considerable time and effort and a firm commitment from all those involved, it is with great satisfaction that this publication is being launched". President of ifs Malta, Mr. Joseph Abdilla, said "it is a privilge to be collaborating with Ganado & Associates on the production of this series of publications, as it contributes to fulfilling the Institute's objectives of promoting education and fostering professional development in financial services". Distribution outlets for this publication include: Word for Word, Castille Place, Valletta; ifs Malta, 60, G'Mangia Hill, Pieta and other leading booksellers, whilst Allied Newspapers Limited were mainly involved for the publishing, distrbution and selling.

ifs Malta  recenlty organised an awareness seminar on the European Credit System for Vocational Education and Training (ECVET). This is a technical framework which facilitates the transfer, recognition and where appropriate, accumulation of individual's learning outcomes with a view to achieving a qualification. This event was organised as part of the dissemination activities of an EU Banking and Insurance Financial Project. The principal aims of this project are to promote the application of ECVET to the training provision of the financial services sector, increase mutual trust and coopertaion among stakeholders involved in vocational training and offer a complete overview of the ECVET system throughout Europe. This awareness seminar was addressed by Profs. Mario Spatafora, president of the European Banking and Financial Services Training Network, Dr. James Calleya, Chief Executive of the Malta Qualifications Council and Peter Sant from ifs Malta. Dr. James Calleja gave a comprehensive overview of the Malta Qualification Council and particularly its role in promoting the importance of vocational training locally and how ECVET will be applied in Malta. Professor Spatafora and Mr. Sant focused their presentation on the application of ECVET within the financial services industry. ifs Malta is one of the six main partners of this 2-year project which is being led by the European banking and Financial Services Training Network and the Portugese Bank Training Institute.

The  European Banking & Financial Services Training Network (EBTN) with the assistance of ifs Malta recently organised an international seminar on financial literacy. This seminar brought together a distintguished group of education and training institutes with representatives from the financial services sector and the Regulators from all across Europe. The Hon Dr. Chris Said, Parliamentary Secretary for Public Dialogue and Information within the Office of the Prime Minister, opened this seminar where he highlighted the importance of financial literacy as it provides the foundation for saving and spending wisely and therefore assists consumers in making better informed choices about their financial futures. It is also important for socio-economic development.  The Seminar included an expecrt panel of speakers which was coordinated by Mr. Simon Thompson, President of the Chartered Institute of Bankers in Scotland. The panel speakers included Mr. Guido Ravoet, Secretary-general of the European Banking Federation (EBF) who presented the main results of a survey conducted by the EBF on financial literacy, prof. Joseph Hassid from the University of Piraeus, Greece who presented the results of the European Project Finalist, and Isabelle Agius, Strategy & Business Development manager at the Malta Financial Services Authority who shared her experiences and insights from being directly involved in an EU project relating to financial literacy. An interesting presentation was also given by Anna Iganack, about financial education initiatives in practice where she explained how certain material was developed and the approach taken to attain optimal results. 

Sixty participants have recently complete a comprehensive course on the legal, regulatory and practical issues related to the Undertakings for Collective Investment in Transferable Securities (UCITS). This course was jointly organised by the Institute of Financial Services - Malt, Simon Tortell and Associates and the Malta Financial Services Authority over five sessions during the month of December. The objective of the course was to enable participants to gain a good insight about UCITS legislation, in particular the legal and regulatory framework, eligible assets, passporting in and out of Malta, as well as a comparison with the more loosely regulated hedge fund structure. Practical implications rbought about by recent amendments to UCITS legislation were also addressed. The speakers, who were all specialists in their respective field and had years of experience, came from Simon Tortell and Associates and the financial sector's main regulator, the MFSA. This course was organised to promote a wider learning of financial services in this important growth area and encourage continuous professional development amongst practitioners. Certificates were given to all participants who successfully completed the course.

ifs Malta recently held its Annual Dinner which this year coincided with the European Banking and Financial Services Training Network (EBTN) Strategy and Board Meetings being held in Malta. The President of EBTN, Profs. Mario Spatafora and over 30 delegates from some 20 European countries and a representative from North Africa who were attending the Malta meetings were all invited to this event. The evening commenced with a welcome address from ifs Malta President, Mr. Joseph Abdilla FCIB.This was followed by a policy speech from Michael Bonello FCIB, the Governor of the Central Bank of Malta, who is also a member of the Governing Council of the European Central Bank. In his address, Mr Bonello gave a detailed analysis of the current economic situation and its future outook and the wider implications of such challenges as inflation, competitiveness and sound public finances. The Governor concluded by stating that the Maltese economy is experiencing its first maor test since the adoption of the € and that diffiicult policy choices had to be made for Malta to benefit moving forward. The next address was delivered by the Hon. Minister of Finance, the Economy and Investment Tonio Fenech who commended ifs Malta on its activities throughout the year and welcomes the visiting EBTN delegation. Mr. Fenech spoke about the repercussions of the international crises and the resultant slowdown on the Maltese economy and what measures the Government was taking to stimulate growth while ensuring an inclusive society. The key to recovery is investing in those areas which have the greatest potential of sustainable growth and create employment opportunities. The renewed focus on Vision 2015, of which education and the financial services sector play an integral role, is how the Government plans to achieve this goal. In the final address, Guido Raveot, Secretary-general of the Euopean Banking Federation spoke about the challenges faced by the financial services sector in a global and European context and the necessity for all stakeholders to work together to restore confidence and prosper. 

ifs Malta recently hosted the European Banking and Financial Services Training Network (EBTN). Over 30 delegates from some 20 European countries and a representative from North Africa purposely visited Malta to attend the EBTN Strategy and Board Meetings. EBTN holds Board Meetings quarterly in different host countries, however this is the first time a Strategy meeting was held. Preparatory work on the EBTN 3-year strategy commenced in Edinburgh, Scotland a few months ago where a core group met and formulated a strategy framework and a plan of action. At the Malta plenary meeting, the key objectives and priorities of the Association, including the Vision and Mission Statements, were decided ipon. The EBTN Strategy document is now being finalised and will be ratified at the next Board meeting which is scheduled to take place in Barcelona, Spain in March 2010. ifs Malta President, Mr. Joseph Abdilla FCIB said "it was an honour for Malta to be chosen as the location to hold these meetings and related activities. This reflects positively on our Institute and the work we are doing both locally and at a European level through our membership of EBTN". President of EBTN, Profs Mario Spatafora, said "On behalf of the members of EBTN, I commend ifs Malta on the excellent organisation of the various meetings and events and thank everyone for showing us the hospitality the Maltese are renowned for. Our meetings in Malta were very successful and we have taken an important step forward in deciding the future of EBTN". 

The Malta Institute of Financial Services together with the Malta Financial Services Authority and Central Bank of Malta are organising an awareness programme on the Single Euro Payments Area Project and the Payments Services Directive. This programme is intended to target the information needs of financial institutions, corporates, auditors and accountants, business operators and public sector organisations. This awareness programme will be addressed by both practitioners and regulators who will explain the main implications of the Single Euro Payments Area Project and the Payment Services Directive. The main aims of this programme are to: (1) provide participants with the theoretical background and rational behind the Single Euro Payments Area Project; (2) review the Payments Services Directive from a regulatory and compliance point of view; (3) discuss the practical aspects of the Payment Services Directive for credit institutions, electronic money institutions, post office giro institutions and payment institutions; (4) understand the rational behind the Central Bank of Malta's Consultative Paper on Retail Payment Services Policy and the Payment Services Directive; (5) discuss the impact of the Payment Services Directive from a customer point of view; (6) discuss both strategic and operational aspects on value added services that local payment services provider can offer to improve their payments product and service portfolio. The programme comprises of a series of six sessions which will be held between the 13th May and 17th june 2008, commencing at 15:30. All sessions will be held at the Conference Hall, located on the 3rd floor within the MFSA premises at Notabile Road, Attard. The participation fee is of € 70. Certificates of attendance will be issues to participants who attend at least 4 sessions. ifs members registered for the CPD programme may claim learning (Category 5) for attending this seminar. Likewise, members of the Malta Institute of Accountants who attend will be accredited with 7 hours structured CPE, which qualifies towards the attainment of the Professional Competencies: other relevant legislation / investment business.

The Institute of Financial Services - Malta is this year holding its Annual Seminar on the theme of Financial Turmoil in Internatioal Markets: What Lessons Can We Learn ? This is being held at the Hilton Conference Centre on June 4, from 2.00pm onwards. The prevailing credit crisis which began in early 2007 with rising defaults in the US sub-prime mortgage market has continued to spread and is now affecting Europe. The IMF estimates that total losses and write-offs from this crisis could reach $ 945 billion with banks expected to suffer slightly more than half. Why are we experiencing this financial turmoil? Is the euro area going to suffer the same fate? What lessons can we learn? What needs to be done to overcome the financial crisis? To answer these questions and discuss this topic and issues involved two international speakers are purposely travelling to Malta to address this Seminar: Mr. Stuart Green, Global Economist, HSBC Bank UK, and Dr. Kalus Vondra, Economist, National Bank of Austria. The Seminar will be chaired by well-known local economist Dr. Gordon Cordina. The Honourable Minister of Finance, the Economy and Investment, Mr. Tonio Fenech, will deliver the opening address. 

The Institute of Financial Services - Malta has been invited to participate as a relay partner in an EU funded project with the aim of developing a European Qualification Assurance League in Financial Services (€qualifise). The project also has the objective of promoting the Copenhagen process to ensure that the European Qualifications Framework (EQF) levels assigned to financial qualifications by national organisations are reliable and consistent throughout Europe. ifs Malta Committee members Peter Calleya FCIB and Peter Sant recently attended a project meeting in Barcelona, Spain whereby they participated in developing a methodology for assigning EQF levels that takes account of the distinction between knowledge-based qualifications and professional competence qualifications. This EU funded project, which brings together 13 partners and 6 relay partners, was jointly developed by the European Financial Planning Association (EFPA) and European Bank Training Network (EBTN) and covers the whole financial services sector. The project is to be completed by mid-2009. As a relay partner, ifs Malta will benefit by sharing experiences and developing best practice in the setting up of an initial Qualification League and disseminating the methodologies, case studies and information about the League to local financial services sector stakeholders. Globally the financial services sector is a € 55 trillion capitalised industry, with more than € 17 trillion in the EU. hence, the sector is critical to the economic well being of Europe.

The Institute of Financial Services - Malta is organising a Public Lecture on the theme: Prospects for the Maltese Economy within the Current Global Economic Developments. This Public lecture will be delivered by Dr. Gordon Cordina, who is the Head of the Department of Economics at the University of Malta. In his presentation Dr. Cordina will highlight Malta's growth prospects in the wake of the global financial turmoil. He wil also touh on issues such as consumption, inflation, trade, investment and competitiveness. In conclusion, he will put forward some policy implications for the current circumstances. This Public Lecture is being held on Wednesday 15th October, 2008 at the Malta Chamber of Commerce, Enterprise and Industry at The Exchange, Republic Street, Valletta and is open to the general public. The Lecture will commence at 5.30pm and tea/coffee will be served half an hour before. Attendance is free of charge, however, anyone who would like to attend is kindly requested to regster at the Institute by phoning on telephone 21240335 or sending an email to: info@ifsmalta.org

The Institute of Financial Services - Malta Committee member and Head of research, Mr. Peter Calleya was recently in Cambridge, UK to attend a Partners meeting of the EU funded Equalifise project. The latter aims to develop a European qualification assurance league in financial services. During the meeting, which was held at the majestic Clare College, the second oldest of the thirty-one  colleges of the University of Cambridge, Mr. Calleya presented the results of the levelling of two qualifications offered by the Institute locally. These qualifications were levelled by a panel of experts, all ifs Malta Committee members, using the methodology and guielines developed by the project. Following the excercise, the qualifications were assigned a level in the European Qualification Framework. The findings and experience of this excercise were then discussed in Cambridge with the other partners, who conducted similar excercises in their respective countries, to share best practice and find ways to improve the process for better quality assurance. Mr. Calleya said "The outcome of the Equalifise project will be beneficial for Malta in view of its Vision 2015 for financial services, as it will contribute to a better understanding and integration of financial services qualifications across Europe within a recognised framework. This will assist in ensuring the required levels and accepted standards of financial services education are maintained." The Equalifise project together with 13 partners and 6 relay partners hailing from 19 countries across Europe. The project is to be concluded by mid next year.

Mr. Peter Calleya, a Committee member and Head of Reasearch of ifs Malta recently travelled to Bucahrest to deliver a series of lectures to undergraduate and Masters degree students of the Romanian Institute for Studies on Finance and Banking (IFSB). Mr. Calleya's well received presentation focused on: (i) the Maltese experience after adopting the single € currency and entering the Single Euro Payments Area; (ii) the International Financial Crisis and its implications for Europe from a Maltese perspective. This was the fifth series of lectures ifs Malta delivered at IFSB in a cooperation agreement which commenced in 2006. Further discussions between ifs Malta and the Romanian Banking Institute are being held to explore the possibility of extending this cooperation to other areas of mutual interest.

ifs Malta has successfully cooperated with the Romanian Institute of Studies on Finance & Banking (ISFB) by agreeing to provide lecturers to deliver a number of presentations to its post-graduate banking and finance students. The first series of lectures delivered at the ISFB was undertaken by Mr. Rene G. Saliba, who is the Director, Financial Markets Division at the Central Bank of Malta. His lectures were very topical due to Romania's recent entry into the EU, as they revolved on the theme "the relationship between the banking sector and the capital markets within the European Union - Malta as a case study". The next series of lectures is expected to be delivered in April. Mr. Saliba was accompanies by ifs Malta Committee member, Mr. Victor Rizzo Giusti, who during the visit held various meetings with top officials of the Romanian Banking Institute (RBI) and ISFB to explore the possibility of extending this cooperation to other areas of mutual interest. The initial contact with the two Romanian Institutes was made through ifs Malta's successful participation in an EU-funded project, which RBI was one of the main coordinators.

ifs Malta Committee members Mr. Peter Calleya FCIB and Mr. Simon Grech FCIB recently gave presentations at a conference in Milan, Italy entitled "CRM: From Education to Competence Development - Building A European Learning Community." This conference, held at the premises of banco Popolare di Milano, was organised to disseminate the results of an EU funded project to create a Virtual European Banking School (VEBS). Mr. Calleya delivered a presentation about the VEBS competence framework for customer relationship management. On the other hand, Mr. Grech's presentation dealt with the necessary aspects of building a European e-learning community. The VEBS project, aims at building a bridge between the world of education and the work environment from a lifelong learning perspective and to enhance professionalism amongst prospective banking students and bank employees. Mr. Calleya, who is Head of the Research Unit at ifs Malta, is spearheading the Institute's participation in this EU Project. ifs Malta has been actively participating in the VEBS project, with nine other European partners, since October 2004. The Project has now enetered its final stages and is ecpexted to be effectively completed next month.

As part of its activities programme, ifs Malta recently organised an evening seminar on wine education. The informative seminar was delivered by leading wine connoisseur Mr Donald Caligari Conti. During a very engaging presentation, Mr. Caligari Conti spoke about how influential wine has been and continues to be having impacted upon diverse issues ranging from social behaviour and human rights to politics, religion and economic perforamance. he then proceeded to explain the difference between new world wines and those from the old world and then delved into the process of wine production and how different wines are made. Following a wine tasting session where participants experienced first hand the basic principles of tasting a wine, Mr. Caligrai Conti concluded the seminar by explaining the main criteria to assess when selecting a wine and gave some general tips of what makes a good wine drinker. This well attended event allowed ifs members and their guests to obtain a better understanding of the complexity of wine and appreciate the role nature plays in its production.

Forty participants have recently completed a comprehensive course on understanding financial investments. This course was jointly organised by the Institute of Financial Services - Malta and the Malta Financial Services Authority over twelve sessions during the month of March. The objective of the course was to enable participants to better understand the fundamentals principles of financial investment and learn the basic concepts of investing. Topics covered during the course included an overview of the financial markets, use of financial instruments, understanding equities, collective investments, insurance and risk, measuring investment performance, client considerations, building an investment portfolio, obligations of the product provider and consumer protection and financial services regulation. The speakers who were all specialists, in their respective field with years of experience, came from various organisations within the financial services industry and the sector's main regulator. ifs Malta and the MFSA organised this course to encourage continuous professional development maongst practitioners and promote a wider learning of financial services. 

The Institute of Financial Services is this year holding its Annual Seminar on the theme of Access to Finance for SMEs - Making the Best of EU Funding Opportunities. This is being held at the Hilton Conference Centre on May 3, from 2.00pm onwards. To discuss this topic and the issues involved a number of expert speakers have been invited to address this seminar. These include Dr. Godwin Grima, Principal Permanent Secretary and head of the Cicil Service and Mr. Patrick Klein from DG Enterprise and Industry of the European Commission. There will also be a panel discussion.

The Institute of Financial Services - Malta recently held its Annual Seminar on the theme of Access to Finance for SMEs - Making the Best of EU Funding Opportunities. The Seminar commenced with an introductory address by ifs Malta, president Mr. Joseph Abdilla. This was followed by presentations from teo expert speakers. The first was delivered by Patrick Klein from DG Enterprise and Industry of the European Commission, in which he spoke about the various EU funding opportunities available to SMEs, with particular reference to the Competitiveness and Innovation programme. The second was presented by Malta's Principal Permanent Secretary and Head of the Civil Services, Dr. Gowdin Grima, who focused on Malta's use of EU funds and the impact on the local economy. The session was chaired by ifs Malta Committee member, Mr. Peter Calleya. In the second session, the Chief Executive Forum Malta fl-Ewropa, Dr. Gabriella Pace, chaired a very interesting panel session which discussed whether Maltese SMEs were making the best of EU funding opportunities to access finance. Panel members included Vincent Farrugia, Director General GRTU, Mark Scicluna Bartoli from Malta Enterprise and Caldon Mercieca from the Malta Tourist Association. The interest generated from the presentations and discussions was evident as there were numeruous interventions made from those attending on the various topics and related issues. In his concluding address, the Parliamentary Secretary in the Ministry of Finance, Tonio Fenech, acknowledged the importance of SMEs to the economic well-being of Malta and thanked ifs Malta for organising such a topical event.

Mr. Peter Sant, a Committee Member and lecturer of ifs Malta recently travelled to Bucahrest to deliver a series of lectures to undergraduate and Master degree students of the Romanian Institute for Studies on finance & Banking (ISFB). Mr. Sant's well received presentations focused on: (i) the transformation of the Maltese economy over the last forty years; (ii) Malta's run up to the adoption of the euro and entry into the eurzone; (iii) the Single European Payments Area project. This was the second series of lectures ifs Malta delivered in Romania. The first was undertaken last November by Mr. Rene G. Saliba, Director, Financial Markets Division, Central Bank of Malta. Further discussions between ifs Malta and the Romanian Banking Institute are being held to explore the possibility of extending this cooperation to other areas of mutual interest.

Over forty participants have recently completed a comprehensive course on the integration of Maltese financial services into the Single Euro Payments Area (SEPA). This course was jointly organised by the Institute of Financial Services - Malta and the Malta Financial Services Authority over six sessions. The objective of the course was to enable participants to better understand the vision of SEPA, understand the fundamentals of the single market and the adoption of the Payment Services Directive, know what is involved in launching SEPA related products, and obtain an overview of the recent developments at the European Payments Council. Furthermore, the course enabled those attending to gain insight into the relative challenges and opportunities offered by the DEPA project in the areas of credit transfers, direct debits and the cards and cash frameworks. the speakers were all specialists in their respective field. These were: Mr. Peter Jame Sant, Senior Economic Officer, EU Affirs, Bank of Valletta, who is also Malta's representative on the European Payments Council; Mr. Jesmond Gatt and Dr. Ken Mifsud Bonnici, both from the Payments Systems Office of the Central Bank of Malta; and invited guest Ms. Leonar Machado from Portugal who is the Chair of the Cash Working Group of the European Payments Council and General Manager at Caixa Geral de Depositos with responsibilities in the payments area. Bank of Valletta being Malta;s representative bank on the European Payments Council was instrumental in bringing Ms. Macahdo to Malta. This course was organised as part of the MFSA's Industry Training and Development programme and to promote ifs Malta's principal aim of encouraging continuous professional development amongst practitioners and a wider learning of what is happening within the financial services sector.

The integration of the Maltese Financial Services in the EU Framework was the chosen theme for a programme of seminars recently organised by the Institute of Financial Services - Malta and the Malta Financial Services Authority. The successful seminars assisted all those who attended in better understanding the EU Institutions, the four fundamentals freedoms, the mechanisms of the single market and recent developments in the area of financial services. they also enabled participants to share experiences of Maltese businesses operating in the EU and learn how Malta is performing vis-a-vis the internal market scoreboard. the speakers included a blend of experts hailing from academia, the regulatory side and practitioners with hands-on experience. Particular reference was made to the relative challenges and opportunities offered by the Single European Payments Area project and on what is to be expected from the EU Commission in the area of financial services over the next five years. The audience was heterogneous, the majority coming from the financial services institutions on the island. Lawyers, accountants and other professional were also present. Certificates were presented to all those who attended. ifs Malta and the MFSA organised these seminars to encourage continuous professional development amongst practitioners and promote a wider learning of financial services in an EU context.

The Institute of Financial Services - Malta recently organised an interactive debate on the topic "Financing in Euro or Lm? What is my next step?" The expert speakers who participated in this event were Mr. Charles J. Farrugia, Hed of Corporate, Investment Banking and Markets at HSBC Bank Malta and Mr. romeo Cutajar, Head Financial Markets and Investments at Bank of Valletta, under the Chairmanship of Mr. David Pullicino, Deputy Governor of the Central Bank of Malta. As the euro changeover project gains momentum, certain members of the business community and some personal investors are asking whether it would be appropriate to start covering their Maltese investments and/or lending to euro due to the minimal exchange rate risk and the interest rate differential. Addressing this issue, both speakers outlined the pros and cons of the situation and provided insight into the best practices, challenges and options regarding this financial decision. There is no simple answer to this dilemma as it depends on a complex set of issues and individual circumstances. In his presentation Mr. Farrugia from HSBC Bank Malta stated that while the decision is up to the individidual alone to take, there might be particular circumstances where financing in euro may be beneficial. One was encouraged to seek further information about this. Bank of Valletta's Mr. Cutajar highlighted that the euro was still a foreign currency in Malta and that the risks associated with using this currency to obtain a small advantage may not be worth taking. Once again this depended on individual circumstances. Under the excellent Chairmanship of the Deputy Governor, the debate was opened to those attending. A number of interventions were made ranging from personal experiences of financing in  foreign currency to the impact of macroeconomic factors on the sustainability of the current fixed exchange rate peg. This debate was held at the Malta Financial Services Authority to a packed audience, which is further proof of just how topical this subject is. ifs Malta organises such events from time to time in its endeavuors to promote and foster professionalism amongst financial services practitioners and to contribute to education in general.

Thirteen Maltese students who completed their BSc (Hons) in Financial Services and Associateship joined hundreds of others for this year's graduation ceremony at the majestic Guildhall in London, England. The Financial Services degree programme, offered in partnership with the world-renowned University of Manchester, is one of the most highly respected qualifications in the financial services sector. ifs Malta offers tuition in conjunction with the University of Malta for local students wishing to achieve this prestigous qualification. The Maltese graduates were: APS Bank - Antonella Said, Louise Spiteri, Bank of Valletta - Ruth Camilleri, Odilon Scerri, Joyce Tabone; Central Bank of Malta - Romina Azzopardi, Claudette Falzon; Fimbank - Doreen Saliba; HSBC Bank Malta - Darren Agius, Anthony Camilleri, Anthony Felice; Lombard Bank Malta - Anthony Mario Bajada, Atlas Insurance - Keith Paul Tanti. Professor Daniel Darmanin, Chairman of the Academic Centre Board that oversees local tuition, the President of ifs Malta, Mr. Joseph Abdilla and the graduate's family and friends, accompanied the Maltese graduates. The degree provides relevant and appropriate learning of the highest quality for those working within the area of financial services and its modular structure offers students the necessary flexibility to tailor studies to meet individuals areas of specialisation. The University of Manchester qualification is portable and accepted locally by the University of Malta and organisations in the financial services sector. Local University students who hold the B.Com Degree with Banking & Finance as one of their specialisations, are granted exemptions within the programme. As the financial services industry continues to evolve the qualification will continue to address the challenges ahead.

Eighty participants have recently completed a programme of seminars on the theme Converging to Euro: Understanding the Practical & Technical Aspects. The programme was organised jointly by the Institute of Financial Services - Malta and the Malta Financial Services Authority. The objective of these seminars was to provide participants with an iverview of Economic & Monetary Union and details about Malta's  route to adopting the euro. Various related issues such as fair pricing, dual display, conversion of share capital, IT aspects and consumer protection were also addressed. The speakers included a blend of experts from the regulatory side and practitioners with hands-on experience. ifs Malta and the MFSA organised these seminars to encourage continuous professional development amongst practitioners and promote a wider learning of financial services in an EU context as it is important to keep abreast of the latest developments.

The President of the Malta Institute of Financial Services - Malta, Mr. Joseph Abdilla and PRO and Head of Research, Mr. Peter Calleya, recently attended a conference in Brussels, Belgium with the theme: Challenges of HR Management and Training in the Financial Sector. The conference was organised by the European Bank Training Network (EBTN) and focused on the main challenges being faced in the area of HR management and training across Europe. the well attended conference was addressed by members of the EU Commission, academics and a number of HR directors from Europe's leading banks. This conference also coincided with the 15th anniversary of the establishment of EBTN and Mr. Abdilla and Mr. Calleya took this opportunity to hold talks with EBTN President, Professor Mario Spatafora on the possibility of ifs Malta becoming a member of EBTN. During this visit meetings were also held with members of the EU Commission to discuss matters of mutual interest. This visit to Brussels was made possible with financial assistance from the Civil Society fund fo Forum Malta fl-Ewropa.

ifs Malta President, Mr. Joseph Abdilla has been elected a Fellow of the Chartered Institute of Bankers (FCIB) in recognition of his professional achievements and sterling work towards the Institute and the financial services profession. This was announced by Mr.Phil Hall of ifs School of Finance (UK) at the recently held ifs Malta Annual Dinner. The Fellowship scroll was presented to Mr. Abdilla by Central Bank Governor, Mr. Michael Bonello, who is also a Fellow of the Institute. Mr. Abdilla joined Mid-Med Bank (now HSBC Bank Malta plc) in 1980 and is presently Area Director of the Sliema area. Prior to his present role he was Area Commercial Centre Manager at Mosta with responsibilities for the Bank's commercial lending in the Northern part of the island. During his career he was worked extensively in the area of credit, including a ten year stint at Head office, where he held various posts. After completing his studies in 19990, Mr. Abdilla lectured for the Institute's qualifications and was also an examiner. he was elected to the ifs Malta committee in 2002 where hwas an active member of the Education sub-committee. He was elected to his current post of President in 2004.