Updated – Malta News Briefing – Wednesday 9 April 2025

Updated 1245

MFSA ‘assessing’ BNF after customer complaints over rocky IT upgrade: The Malta Financial Services Authority (MFSA) is assessing BNF Bank after a troubled IT upgrade led to ongoing customer complaints. Issues began over a week ago when system updates disrupted online and ATM services. Despite the bank’s efforts to resolve problems, customers continued reporting difficulties with payments, card activations, and account access. BNF claimed a card issue was fixed and denied any loss of funds or data breaches. The MFSA stated it is actively engaging with the bank and will act if necessary to ensure regulatory compliance. Until yesterday, many customers still faced service disruptions, with social media comments reflecting ongoing frustrations. Consumer protection and financial stability remain priorities for the regulator.

Government ‘working on reform’ following AFM drug heist inquiry: The government is actively implementing recommendations from the inquiry into the February drug heist, where 100kg of cannabis resin was stolen from Safi AFM barracks. Measures include using RFID technology to log and monitor court exhibits and investing in secure storage facilities. The inquiry, led by Geoffrey Valenzia, highlighted poor storage security, inefficient drug destruction processes, and reliance on outdated equipment. Recommendations included acquiring a new incinerator, improving surveillance, and monitoring security personnel. A working group of AFM and police representatives is overseeing implementation. Disciplinary action has been taken against several AFM members. The government is also consulting international bodies to improve drug destruction procedures and enhance inter-agency coordination. (Times of Malta)

Govt to announces new mass public transport system by year end

The government will unveil plans for a new mass public transport system by the end of the year, as announced during the launch of Malta Vision 2050. Details on the system remain unclear. While a €6.2 billion underground metro was proposed in 2021, it has since been shelved, with no mention in recent budgets. The Malta Vision 2050 policy document hints at sustainable transport solutions, emphasizing “green public mass transportation systems” and data-driven planning for an integrated network. Transport Minister Chris Bonett previously suggested a rapid bus transit system using dedicated lanes and feeder buses to improve connectivity. Following public consultation, the final proposal for Malta’s mass transit system is expected by year-end. (Times of Malta)

Morning Briefing

Malta’s property prices rise 5% in 2024

The Residential Property Price Index (RPPI) reached 165.22 by the end of 2024, marking a 5% increase compared to the previous year, according to the National Statistics Office (NSO). The RPPI tracks price changes in residential properties purchased by households. A 2024 Housing Authority study on affordability highlighted a significant drop in mortgage interest rates, from 6.5% in 2000 to 2.8% in 2022, theoretically reducing borrowing costs. (Maltatoday)

PN says Vision 2050 must lead to tangible action

The Nationalist Party described the government’s Vision 2050 as “a step in the right direction” but stressed the need for tangible action. In a statement, the PN criticized the government for long ignoring public concerns, leading to significant consequences. While making no direct criticism of the document’s content, they emphasized that clear, actionable deliverables must replace empty promises. The MPs welcomed the inclusion of intermediate milestones alongside long-term goals. (The Malta Independent)