What did the Malta Chamber of SMEs bring through for business in this year’s budget?
18 October 2021
The Malta Chamber of SMEs has noted a number of positive initiatives that will aim...
lending rates in Malta are not in synch with the MRO. The rates in Malta are
higher than the euro area average even if the latter is biased upwards due to
stressed countries. The spread between SME lending rates in Malta and MRO rates
was at 2.3% before 2009 and widened to 4.9% by the end of last year.
Governor further backed GRTU's claims that what we need is a Development bank.
GRTU has been insisting with the Government and at MCESD that setting up a
Development Bank is a priority.
President Paul Abela reiterated GRTU's long standing argument that both bank
interest rates and bank charges are excessive, especially on the smaller enterprises that
have less negotiating muscle.
are still increasing their charges with a relatively recent development as an
example by HSBC where it had introduced charges on internet baking to the
private sector. The Bank had saved money when it closed some branches and
pushed businesses to go online to affect their banking needs.
Bonnici stated that bank charges in Malta are higher than in many other places
and that one would have thought that with the changeover to internet banking,
charges would be lower, but that has not been the case.
Luxembourg banks reduced costs of internet banking to encourage people to
switch over to internet banking. Not in Malta. In Malta banks charge you even
to transfer your money between your own accounts because more than one bank is
is also looking closely into bank charges and the European Commission has
already issued Communications that should result in curbing abuses in this
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).