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Consultation on the proposed amendments to Directive no.11 on ‘Macro-prudential policy’


From: Ministry for Finance and Employment
(Central Bank of Malta)
​Published on: ​7 December 2020
Running till: ​14 December 2020
​Last Updated: ​7 January 2021

Original Consultation

1.        Background

The Central Bank of Malta is proposing amendments to Directive no.11 on ‘Macroprudential Policy’ issued in terms of the Central Bank of Malta Act (Cap. 204) to transpose elements of the revised Capital Requirements Directive (CRD V) falling under the responsibility of the Central Bank of Malta (CBM). As per Legal Notice 29 of 2014 (Appointment of Designate Authority to implement Macroprudential Instruments), the CBM is the authority responsible for setting the systemic risk buffer and for identifying the institutions to which it applies; periodically setting the countercyclical capital buffer rate for Malta to be applied by institutions on domestic exposures when calculating their institution-specific countercyclical capital buffer; and for identifying, jointly with the competent authority, global and other systemically important institutions authorised in Malta and the respective applicable capital  buffer.

As a result, amendments made to the Capital Requirements Regulation (CRR) and the CRD IV (i.e. CRR II and CRD V), which were published in the Official Journal of the European Union on 7 June 2019, necessitated the need to amend Directive no.11 to transpose the applicable provisions relating to the CBM’s responsibilities. These changes are being outlined in the attached consultation paper and revised Directive no.11.​

2.        Documents
Please be informed that submissions will be published on the webpage of this consultation at the end of the scoping phase. The lead Ministry has sole discretion upon the publication of comments.
Received contributions, together with the identity of the contributor, will be published on the Internet, unless the contributor objects to the publication of his/her personal data on the grounds that such publication would harm his/her legitimate interests. In this case the contribution may be published in anonymous form. Otherwise the contribution will not be published nor will, in principle, its content be taken into account.  Any objections concerning the publication of personal data should be sent to the service responsible for the consultation on the following email address: 
Data Protection Statement the General Data Protection Regulation and the Data Protection Act (Chapter 586)

The General Data Protection Regulation and the Data Protection Act Chapter 586 regulate the processing of personal data whether held electronically or in manual form. The Ministry for European Affairs and Equality collects only information which is necessary for it to perform its intended functions and is set to fully comply with the Data Protection Principles as set out in the Data Protection Legislation.  Verification of the ID number provided will take place as deemed necessary. All personal data provided will be processed according to the General Data Protection Regulation and the Data Protection Act (Cap 586).
In addition, please be aware of:
·         Disclosure under the Freedom of Information Act (Chapter 496)
As we are a public authority all documents we hold, including documents related to this public consultation process, may be released following a request to us under the Freedom of Information Act (Chap. 496), unless such request may be subject of an exemption arising from the same Act.


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