Credit Review Office Launched To Improve Mediation And Communication Between Banks And Businesses
During a press conference, Minister for the Economy, Enterprise and Strategic Projects, Silvio Schembri, officially launched the Credit Review Office, a new body established to facilitate better communication and mediation between commercial banks and businesses regarding bank loans.
The office will assist businesses and self-employed individuals seeking banking services related to loans by guiding them on the documents required and providing clear timelines for the loan application process. In cases where a loan application is declined, the office will act as a mediator between the parties to resolve disputes.
This initiative will also coincide with the introduction of a Banking Charter, which will ensure that banks operate under clear and transparent rules, allowing individuals to know in advance which documents they need to submit and the timeframe in which they can expect a response.
Minister Schembri said, “Our economic success is built on a climate of stability, trust, and transparency. As a Government, we are today sending a strong message that we believe in every business, every self-employed person, and every entrepreneur.”
He highlighted the extensive collaboration carried out over the past year with various stakeholders, including legal experts, the Arbiter for Financial Services, the Malta Financial Services Authority, and the Malta Bankers’ Association. This partnership has resulted in a robust legislative framework, 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 frequently told us 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 explanation. I would like to thank all the banks and the Association who, from the very first discussions, welcomed us with open doors and worked hand in hand with us to make this office a reality,” Minister Schembri added.
The establishment of the Credit Review Office represents 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 for all, supported by measures that enhance the country’s sustainability and prosperity.
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