Opposition MP questions whether MFSA and Central Bank will be merged

Opposition MP Kristy Debono questions whether MFSA and Central Bank will be merged, urges government to incentivise companies to relocate from the UK to Malta in the wake of Brexit  

Rumours are circling that a merger between the Central Bank and the Malta Financial Services Authority is in the pipeline, Opposition MP Kristy Debono has warned.

Speaking in Parliament during a debate on the finance ministry’s budgetary vote, Debono warned that such a merger could create an “unnecessary earthquake” as the two entities have completely different roles.

“I hope that this isn’t a done deal, and that the government plans to properly consult with all stakeholders before making this decision,” she said.

In her speech, Debono also urged the government to offer incentives for companies who want to relocate from the UK as a result of Brexit to set up shop in Malta.

“There should be a coordinated effort from all players to find out how to seize this opportunity, which could prove to be a game changer for the financial services, gaming and IT sectors. Let’s be the prime movers here, before our competitors overtake us.”