Maltese Policymakers Highlight Talent Demand As Financial Sector Grows

Tom Burroughes

10 June 2016

Malta faces the “problem” of how to recruit sufficient people to keep pace with the jurisdiction’s rapid growth as a financial services centre, the country’s prime minister has said, while also cautioning against excess regulatory zeal at home and abroad.

Dr Joseph Muscat, the Maltese prime minister, told an industry conference that his administration is pushing to aid labour market demand in financial services through, for example, its policy of providing free childcare to make it easier for women to enter or re-enter the workforce after having children. It is also exploring tax incentives to attract talent from abroad.

More than 400 delegates gathered at the Hilton Hotel, St Julian’s, in the Mediterranean island late last month for a that is very proud to offer high-end and transparent services to customers, but we need to realise that there is this perception,” he added.

A stress on the need for charting a “moderate” course between lax regulation and excessive zeal was also set out by Professor Scicluna.

The regulatory climate still feels the effect of the 2008 financial crisis, Professor Scicluna told delegates. “Banks can’t move; banks can’t open accounts and banks can’t lend. US banks don’t want to touch Southern Europe, North Africa and the Middle East. This is what happens with extremities and in not going down the moderate path,” he said.