LowResMBR

IOD OPEN HOUSE UK
Malta Business Review
IoD Chairman James Satariano announces that Prime
Minister Joseph Muscat will be a keynote speaker at the
IoD Open House 2018 in London.
IoD Chairman James Satariano
Institute of Directors Malta (IoD) Chairman James J. Satariano has
announced that Prime Minister Joseph Muscat will be a leading
keynote on the main stage during the opening morning of IoD
Open House 2018 on March 12 to explore a European response
to Brexit, and in his capacity as the political leader of one of the 27
member states poised to vote on the final deal.
The speech has been facilitated by
longstanding IoD Malta member Joseph
Zammit Tabona, the Prime Minister's Special
Envoy for Investment Promotion and Chair of
the Malta-UK Business Promotion Taskforce.
Mr. Zammit Tabona was formerly Malta's
High Commissioner to the UK, amongst many
distinguished posts.
IoD Open House 2018 is an annual convention
taking place on12-14 March 2018 for the first
time ever at the IoD's historic home at 116
Pall Mall, London. IoD UK is host to a threeday
business festival, allowing directors to
network and immerse in all matters facing
leadership today. Through keynotes, debates,
panel discussions and interactive workshops,
IoD Open House 2018 explores truly global
business, the importance of connectedness
and opportunities surrounding diversity
and inclusion.
Other speakers include Baroness Karren Brady,
CBE, Vice-Chairman of West Ham United
Football Club and recognised as the first
woman in English football. She was Managing
Director of Birmingham City from 1993 until
2009 and, during that time, turned the club’s
fortunes around; Mike Flewitt, CEO McLaren
Automotive, Gemma Godfrey founder and CEO
of Moola, Lucie Greene, Worldwide Director of
the Innovation Group at J. Walter Thompson,
Lindsay Herbert, Digital Transformation Leader
at IBM, Josh Graff, VP EMEA at LinkedIn and
Professor Sir Nigel Shadbolt, Chairman of The
Open Data Institute, amongst a raft of top
international speakers lined-up for the 3 days
of the event.
Mr. Satariano said, "I am delighted that Joseph
Zammit Tabona was able to facilitate the Prime
Minister's participation as a keynote speaker
and I look forward immensely to hearing that
speech, Brexit is one of the most important
European issues in many years. IoD Malta has
held Brexit events since 2016. As our economy
grows and becomes more international this
is exactly the kind of quality international
business exposure our country needs." MBR
To find out more about becoming an IoD member
kindly contact Honorary Secretary James Arrigo
on (+356) 21 247 400 or email: jamesarrigo@
marinamilling.com
Credit: Ogilvy PR
Continued from pg 49
and still good levels of profitability despite low
interest rate levels support the banks’ ability
to weather adversity. Legacy non-performing
loans amounting to 4.6% of total loans in
Q2 2017, concentrated in the real estate
development sector, have declined due to
the buoyant economy, the stronger housing
market, and tighter regulatory requirements.
Strong demand, driven by rising disposable
income and net migration, is fuelling housing
price inflation in Malta. Although residential
property prices continue to be roughly in line
with fundamentals, a continuation of this trend
could lead to significant imbalances. However,
there are several factors that may lessen the
risks emanating from the housing market
such as: (1) high levels of home ownership, (2)
households’ high financial wealth and liquid
assets, and (3) banks’ conservative lending
practices and prudent haircuts on collateral
values. Moreover, the government has eased
some of the constraints on the housing supply
side to alleviate the pressures.
RATING COMMITTEE SUMMARY
The DBRS Sovereign Scorecard generates
a result in the AA (high) – AA (low) range.
Additional considerations factoring into
the Rating Committee decision included:
(1) heightened risks to growth and fiscal
Ratings
Date Issued
2/23/18
2/23/18
2/23/18
2/23/18
Debt Rated
Long-Term Foreign Currency - Issuer Rating
Long-Term Local Currency - Issuer Rating
Short-Term Foreign Currency - Issuer Rating
Short-Term Local Currency - Issuer Rating
performance due to the small size of
the Maltese economy, and (2) potential
risks stemming from regulatory or policy
harmonisation changes. The main points of
the Rating Committee discussion included
the fiscal performance, fiscal framework,
government guarantees, debt trajectory,
political environment, economic performance
and structure, and balance of risks to the
economic and fiscal outlook.
KEY INDICATORS
Fiscal Balance (% GDP): 1.1 (2016); 2.1 (2017F); 1.6
(2018F)
Gross Debt (% GDP): 57.7 (2016); 53.6 (2017F); 49.1
(2018F)
Nominal GDP (EUR billions): 9.9 (2016); 10.8 (2017F);
11.5 (2018F)
GDP per Capita (EUR): 22,700 (2016); 24,537 (2017F);
26,369 (2018F)
Real GDP growth (%): 5.5 (2016); 7.1 (2017F); 6.2
(2018F)
Consumer Price Inflation (%): 0.9 (2016); 1.3 (2017F);
1.6 (2018F)
Domestic Credit (% GDP): 269.2 (2016); 262.5 (Sept-
2017)
Current Account (% GDP): 6.6 (2016); 9.6 (2017F);
Action
Upgraded
Upgraded
Upgraded
Upgraded
Rating
A (high)
A (high)
R-1 (middle)
R-1 (middle)
Trend
Stb
Stb
Stb
Stb
Issued
EU
EU
EU
EU
9.8 (2018F)
International Investment Position (% GDP): 46.5
(2016); 63.1 (Sept-2017)
Gross External Debt (% GDP): 872.4 (2016); 843.5
(Sept-2017)
Governance Indicator (percentile rank): 77.4 (2016)
Human Development Index: 0.86 (2015) MBR
For further information on DBRS historical default
rates published by the European Securities and
Markets Authority (“ESMA”) in a central repository,
see: http://cerep.esma.europa.eu/cerep-web/statistics/
defaults.xhtml.
Ratings assigned by DBRS Ratings Limited are subject
to EU and US regulations only.
Lead Analyst: Javier Rouillet, Vice President, Global
Sovereign Ratings
Rating Committee Chair: Chair: Thomas R. Torgerson,
Co-Head of Sovereign Ratings, Global Sovereign Ratings
Initial Rating Date: 3 April 2015
Last Rating Date: 25 August 2017
Information regarding DBRS ratings, including
definitions, policies and methodologies, is available on
www.dbrs.com.
Creditline: European Operations, DBRS Ratings
Limited - http://www.dbrs.com
www.maltabusinessreview.net
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