The Credit Review Office, an office established to facilitate better communication and mediation between commercial banks and businesses in matters related to bank loan, was launched by the government on Monday.
The office was launched by Economy Minister Silvio Schembri.
In a statement, his ministry said that the new office will assist businesses and self-employed individuals seeking banking services related to loans by helping them understand which documents they need to present and how long the loan application process is expected to take. Furthermore, the office will serve as a mediator between both parties in cases where a loan application is declined.
This will also lead to the introduction of a Banking Charter, ensuring that banks operate under clear and transparent rules, where individuals will know in advance, which documents they need to submit and within what timeframe they should receive a response, the statement read.
“Our economic success is built on a climate of stability, trust, and transparency. As a government, we are today sending a stronger message, that we believe in every business, every self-employed person, and every entrepreneur,” said Minister Schembri.
He highlighted the extensive collaboration carried out over the past year with various entities, including legal experts, the Arbiter for Financial Services, the MFSA, and the Malta Bankers’ Association. Thanks to this partnership, a strong and effective legislative framework has been established, providing greater certainty within the local financial ecosystem.
“The road to get here has been a long one. We started from the feedback of businesses, especially SMEs, who would tell us every day how lengthy and bureaucratic the process of obtaining bank loans was — and how, in some cases, after months of waiting, their applications were rejected without any explanation. I would like to thank all the banks and the Association who, from the very first time we discussed this concept with them, welcomed us with open doors and worked hand in hand with us to make this office a reality,” said Minister Silvio Schembri.
The establishment of the Credit Review Office marks a concrete step forward in strengthening trust and transparency within the financial sector. This initiative aligns with the long-term vision outlined in Malta Vision 2050, which aims to build an economy based on opportunity which everyone benefits from, driven by measures that enhance the country’s sustainability and prosperity.
Minister Schembri spoke about another important initiative in progress to be implemented, the Central Data Repository, a type of business wallet that will help reduce bureaucracy for the benefit of both businesses and banks, by storing all a company’s information in one place. “At a European level, in my meetings with fellow ministers, this concept is only now starting to be discussed, while here in Malta, it will already be implemented next year,” said Minister Schembri.
