Miguel Borg - Bank of Valletta

issue 31 november 2011
INTERVIEW WITH ALBERT FRENDO
- Chief Officer Credit
STRESS TEST
THE ANNUAL GENERAL
MEETING - FAQs

november 2011
Dear Shareholders
As I write this editorial, work is underway with vigour at various
units within the Bank in relation to the publication of the Bank’s
audited financial statements for financial year ended 30
September 2011. A year-end also involves the compilation of the
Annual Report and the shareholders’ Annual General Meeting
(AGM) which this year is being held on Friday, 16 December. It
is therefore within the context of the forthcoming AGM that we
thought it opportune for this edition of the Shareholders’ Link to
include frequently asked questions on the shareholders’ meeting.
In this Issue, we are also featuring an interview with a member of
the Bank’s Executive Team. Albert Frendo, Chief Officer Credit
discusses the importance of the availability of credit in the local
economy and highlights what he believes to be the growth
opportunities for Malta and the Bank alike.
For the second consecutive year, the Bank underwent, with
success, the stress testing exercise conducted by the European
Banking Authority. The Executive Head within the Bank’s Risk
Management Unit, the unit which acts as a contact point with
the Central Bank of Malta in relation to this exercise, gives an
overview of the adverse assumptions used for Malta and the
results achieved by the Bank in such a severe scenario.
BOV in the Community features again in this edition providing a
bird’s eye view of the Bank’s involvement in various areas such
as sports, education, art and the society in its various aspects.
Additionally, Giuseppe Mantella, director of Giuseppe Mantella
Restauri who restored the church of St Catherine of Italy in
Valletta, featured on our cover of the May edition of this year,
briefly recounts his experience on the art of restoration in Malta.
Finally, the topic chosen by the Investor Relations Officer is the
contents
2 Editorial
4 BOV in the Community
5 Noticeboard
6 Interview with the Chief
Officer Credit
8 The Annual General
Meeting - FAQs
10 Stress Test
12 From Your Investor
Relations Officer
14 St Catherine of Italy
Restoration Project
2
tax paid on dividends as this was the subject of a number of
questions put by shareholders during the year.
We trust that you will find the contents of this Issue to be
informative and beneficial to you. In the meantime, as always, I
encourage you to contact me or the staff at my Office as regards
queries related to your shareholding, your participation in the
forthcoming AGM or in respect of any other matter in which you
believe we can be of assistance.
Catherine Formosa
Company Secretary
Għeżież Azzjonisti
Waqt li qiegħda nikteb dan l-editorjal, għaddejja ħidma intensiva
f’diversi oqsma tal-Bank rigward il-pubblikazzjoni tal-bilanċi
finanzjarji vverifikati tal-Bank għas-sena finanzjarja li għalqet fit-30
ta’ Settembru 2011. L-egħluq ta’ sena finanzjarja jġib miegħu
ukoll il-kompilazzjoni tar-Rapport Annwali u l-Laqgħa Ġenerali
Annwali (LĠA) tal-azzjonisti li din is-sena se ssir il-Ġimgħha, 16
ta’ Diċembru. Għalhekk ħassejna li fil-kuntest tal-LĠA li jmiss ikun
jixraq li f’din il-ħarġa tax-Shareholders’ Link ninkludu mistoqsijiet li
spiss tistaqsuna intom stess (FAQs) dwar il-laqgħa tal-azzjonisti.
F’din il-ħarġa qegħdin ukoll ninkludu intervista li għamilna lil
wieħed mill-membri tat-tim eżekuttiv tal-Bank. Albert Frendo, Chief
Officer Credit jitkellem dwar l-importanza tad-disponibbiltà talkreditu
fl-ekonomija lokali u jenfasizza dawk li hu jemmen li huma
EDITORIAL TEAM
Editor
Dr. Catherine Formosa
Editorial Coordinators
Joanna Camilleri
Stefan Kottmann Soler
EDITORIAL OFFICE
Bank of Valletta p.l.c.
Office of the Company
Secretary
58, Zachary Street
Valletta VLT 1130 - Malta
Tel: (+356) 22753556
Fax: (+356) 22753711
e-mail: iro@bov.com
www.bov.com
Disclaimer
Bank of Valletta p.l.c. is licenced to conduct investment
services business and to provide trustee services by the
Malta Financial Services Authority (MFSA).
Bank of Valletta p.l.c. is an enrolled tied insurance
intermediary of MSV Life p.l.c. (MSV). MSV is licenced by
the Malta Financial Services Authority to carry on long-term
business under the Insurance Business Act 1998.
Nothing contained in this Issue should be construed as
a solicitation or offer, or recommendation, to acquire or
dispose of any investment, product or service or to engage
in any other transaction, or to provide any investment
advice or service. You should obtain relevant professional
advice before making any investment decision.
Although we have taken all reasonable care to ensure
that the information provided in this Issue is accurate, we
give no warranties of any kind, expressed or implied, with
regard to the accuracy, timeliness or completeness of any
such information.
Opinions and any contents of this Issue are provided by us
for information purposes only and are subject to change
without notice.
BOV Shareholders’ Package terms and conditions apply
and are contained in the relevant Product Information
Guide available from all BOV Branches and the Bank’s
website www.bov.com
Cover photo: BOV Centre Malta Design Week 2011

l-opportunitajiet ta’ tkabbir għal Malta kif ukoll għall-Bank.
Għat-tieni sena konsekuttiva, il-Bank ħa sehem b’suċċess flistress
testing exercise immexxi mill-Awtorità Bankarja Ewropea.
Il-Kap Eżekuttiv fi ħdan it-Taqsima tal-Ġestjoni tar-Riskju tal-Bank,
liema taqsima taġixxi bħala punt ta’ kuntatt mal-Bank Ċentrali
ta’ Malta fir-rigward ta’ dan l-eżerċizzju, jagħti ħarsa ġenerali lejn
is-suppożizzjonijiet avversi li kienu użati fil-konfront ta’ Malta u
r-riżultati li kisbet Malta fl-isfond ta’ xenarju daqshekk diffiċli.
Is-sezzjoni bl-isem ta’ ‘Il-BOV fil-Komunità’, li terġa’ tidher f’din
il-ħarġa, tagħtina idea ġenerali tas-sehem tal-Bank f’diversi oqsma
bħalma huma l-isports, l-edukazzjoni, l-arti u s-soċjetà fl-aspetti
differenti tagħha. Barra minn hekk, Giuseppe Mantella, direttur ta’
Giuseppe Mantella Restauri, li rrestawra l-knisja ta’ Santa Katerina
tal-Italja fil-Belt Valletta, li kienet dehret fil-paġna ta’ quddiem talħarġa
ta’ Mejju ta’ din is-sena, jirrakkonta fil-qosor l-esperjenza
tiegħu dwar l-arti tar-restawr f’Malta.
Fl-aħħarnett, is-suġġett magħżul mill-Investor Relations Officer
huwa dak tat-taxxa mħallsa fuq id-dividends peress illi matul is-sena
l-azzjonisti staqsewna diversi mistoqsijiet dwar dan is-suġġett.
Aħna nittamaw li se ssibu l-kontenut ta’ din il-ħarġa informattiv
u ta’ benefiċċju għalikom. Fil-frattemp, bħas-soltu nħeġġiġkom
sabiex tikkuntattjaw lili jew lill-istaff fl-uffiċċju tiegħi jekk ikollkom
bżonn tagħmlu xi mistoqsijiet konnessi mal-ishma tagħkom,
mal-parteċipazzjoni tagħkom fil-LĠA li jmiss jew ma’ kwalunkwe
suġġett ieħor li taħsbu li fih aħna nistgħu nkunu ta’ għajnuna.
Catherine Formosa
Company Secretary
ELECTRONIC PROXY
As from the forthcoming Annual General Meeting (AGM),
BOV shareholders have the option to submit the Proxy form
electronically.
Shareholders will receive a proxy form by mail together with
the other AGM documentation in the normal manner. The
proxy form will this year feature an Activation Code. An
electronic Proxy form can be requested on e-mail address
agm2011@bov.com quoting the said Activation Code and
the relative MSE account number.
The Bank will send the electronic Proxy form to the
shareholder. The completed proxy is to reach the Bank on
the e-mail address above by not later than 48 hours before
the time of the AGM. An acknowledgement will be sent to
the shareholder upon receipt of the electronic Proxy.
For further information, kindly contact the Investor Relations
Officer on iro@bov.com
SAMPLE PROXY FORM
PROKURA ELETTRONIKA
Mil-Laqgħa Ġenerali Annwali (LĠA) li jmiss, l-azzjonisti tal-BOV
se jkollhom l-għażla li jissottomettu l-formola ta’ Prokura b’mod
elettroniku.
L-azzjonisti se jirċievu dikjarazzjoni ta’ prokura bil-posta flimkien
mal-materjal l-ieħor ta’ informazzjoni relatat mal-LĠA kif
jintbagħat is-soltu. Din is-sena l-formola ta’ prokura se jkun fiha
Kodiċi ta’ Attivazzjoni. L-azzjonisti jkunu jistgħu jitolbu formola
ta’ prokura elettronika billi jibagħtu e-mail fuq agm2011@bov.com
u jikkwotaw l-imsemmi Kodiċi ta’ Attivazzjoni u n-numru tal-Kont
tal-MSE relattiv.
Kif jirċievi din it-talba, l-Bank jibgħat il-formola ta’ prokura
elettronika lill-azzjonist. Il-formola ta’ prokura elettronika mimlija
kif suppost trid tasal għand il-Bank fl-e-mail ikkwotat hawn fuq
mhux aktar tard minn 48 siegħa qabel il-ħin stipulat għall-bidu
tal-LĠA. Hekk kif il-Bank jirċievi l-prokura elettronika mimlija
mingħand l-azzjonist javża lill-azzjonist li din ġiet irċevuta.
Għal aktar informazzjoni, jekk jogħġbok ikkuntattja lill-Investor
Relations Officer fuq l-email iro@bov.com
3

november 2011
BOV in the Community
Retrospective Exhibition Inaugurated
Volleyball Marathon in aid of Id-Dar tal-Providenza
Oħloq Tbissima 2011
President launches l-Istrina BOV Piggy Bank
Campaign 2011
National Library Book Restoration Project
Women in Business Health & Safety week at BOV
Malta Day 2011 - UK New ATM at The Point
4

Notice Board
Bank of Valletta awarded Equality Mark Certificate
Bank of Valletta has been awarded the Equality Mark Certification by the National Commission for the
Promotion of Equality, with the support of the European Social Fund.
The certification recognizes companies that have gender equality as a core value and whose management
ethic is based on the recognition and promotion of employees‘ potential, irrespective of gender and
personal responsibilities.
Il-Bank of Valletta ppremjat biċ-Ċertifikat tal-Marka tal-Ugwaljanza
Il-Bank of Valletta ngħata ċ-Ċertifikat tal-Marka tal-Ugwaljanza mill-Kummissjoni Nazzjonali għall-Promozzjoni tal-Ugwaljanza,
bl-għajnuna tal-Fond Soċjali Ewropew.
Iċ-ċertifikat jirrikonoxxi kumpaniji li jagħrfu l-ugwaljanza bejn is-sessi bħala valur ċentrali u li l-etika maniġerjali tagħhom hija
bbażata fuq l-għarfien u l-promozzjoni tal-potenzjal tal-impjegati tagħhom, irrispettivament mis-sess u mir-responsabbiltajiet
personali.
Debt Issuance Programme
As part of the Bank’s longer term asset and liability management strategy expected to continue enhancing the already
strong liquidity position in the context of the more demanding regulatory requirements expected in the years ahead, on the
24 May 2011, the Bank announced a 12-month Debt Issuance Programme. Through this Programme, the Bank will also
seek to meet investor demand for medium-term interest bearing securities. The maximum aggregate amount of Notes to
be issued under the Programme is €125,000,000. To-date €55,400,000 have been allotted under the First Series (First
Tranche and Second Tranche - Fungible Issue) in the form of 4.80% p.a. Notes due 2018. Further information can be found
on the Prospectus dated 31 May 2011 (as supplemented on the 18 July 2011) and the relative Final Terms of the Notes
which are available on the Bank’s website www.bov.com
Programm ta’ Debt Issuance
Bħala parti mill-istrateġija fit-tul tal-Bank dwar il-ġestjoni tal-assi u l-liabilities li għandha l-għan li tkompli ssaħħaħ il-likwidità
diġà soda tal-Bank fil-kuntest tar-rekwiżiti regolatorji aktar stretti mistennija fis-snin li ġejjin, fl-24 ta’ Mejju 2011, il-Bank
ħabbar Programm ta’ Debt Issuance imfassal fuq 12-il xahar. Permezz ta’ dan il-Programm, il-Bank se jfittex ukoll li
jissodisfa t-talba tal-investituri għall-investimenti ta’ perjodu medju ta’ żmien li jrendu l-imgħax. L-ogħla ammont globali ta’
Noti li se jinħarġu taħt il-Programm huwa ta’ €125,000,000. Sa issa ġew allokati €55,400,000 taħt l-Ewwel Serje (L-Ewwel
Tranche u t-Tieni Tranche - Fungible Issue) f’Noti b’imgħax ta’ 4.80% fis-sena li jimmaturaw fl-2018. Għal aktar tagħrif ara
l-Prospett bid-data tal-31 ta’ Mejju 2011 (kif supplimentat fit-18 ta’ Lulju 2011) u t-Termini Finali tan-Noti relattivi li jinsabu fuq
il-websajt tal-Bank www.bov.com
5

november 2011
Interview with the
Chief Officer Credit,
Albert Frendo
Joanna Camilleri, editorial coordinator of the Shareholders’ Link, caught up with Albert
Frendo, Chief Officer Credit at Bank of Valletta.
An accountant by profession, Albert Frendo’s career took
off within the Bank’s Finance Department where he was
responsible for the Group’s management accounts and
financial reporting. He later assumed responsibility for the
credit risk management within the Risk function, enabling
him to acquire deep insights into the Bank’s credit
exposures and influencing the shaping of the Bank’s Credit
Book. He was appointed Chief Officer Credit in December
2010 becoming responsible for the Bank’s credit portfolio
and the entire credit management process.
What is the Bank’s role within the economy, and what is
your outlook for our economy in the near future?
The current financial crisis has brought to the fore a number
of issues and stark realities, not the least being the crucial
role of Banks in the well-being of an economy. Sound banks
can assist the economy to propel its way forward in
challenging times whilst problematic banks can be the
cause themselves for a deepened and prolonged recession.
The prudent way with which local banks have managed
their balance sheet in the past years enabled them to adapt
more easily to unforeseen realities and to continue
supporting the local industry throughout the financial crisis.
Local banks’ healthy balance sheets backed by strong
capital bases and liquidity buffers ascertained the unabated
flow of credit during the crisis, helping Malta to get out from
the recession relatively quickly.
Our responsibility is not only to support the local economy
but also to assist in its transformation in order to converge
with EU income levels. Many challenges still lie ahead,
however we are cautiously optimistic about the immediate
future of our economy as evidenced from its fair degree of
resilience shown in recent years. We are also witnessing
green shoots in new potential growth areas and good
results in other sectors which are providing for a healthy
diversification of the economy.
Which are the areas of growth that can present
opportunities to the Bank?
Bank of Valletta is a local bank focused on the local
6
economy that fully understands the local business
dynamics. Its lending is well diversified in all sectors and it
strives to have presence in every sector of the economy.
Our challenge is to continue supporting the traditional
sectors of the local economy including tourism,
manufacturing and construction whilst being actively
present in the new economy that is being formulated in a
rather rapid way. The development of Malta into a centre of
excellence in financial services, the emergence of
Information and Communications Technology (ICTs), the
shifting of the manufacturing sector towards high value
productions, green energy and specialized tourism
functions are all areas that we are assisting and actively
participating in. Indeed our participation is critical to ensure
that Malta’s vision becomes a reality and we are fully
committed to play an integral part of such transformation.
What is the Bank’s strategy for SMEs?
We need to ensure that SMEs have adequate access to
finance given their critical role in the local economy,
contributing to more than 60 per cent of the country’s GDP.
This need is more accentuated given that alternative means
of finance available are very limited.
BOV has always been at the forefront of supporting SMEs,
which constitute the majority of the Bank’s business
customers. Such support is reflected through initiatives
such as JEREMIE, which is a financial package that
provides access to capital investment loans at favourable
interest rates and low collateral cover arrangements.
Through this programme, the Bank helps SMEs including
start-ups and micro-enterprises inject capital to grow their
business, launch new products and services, tap into new
export markets and invest in green technology. The BOV
JEREMIE package is making available €51 million worth of
loans to SMEs over a period of 3 years. The success of
JEREMIE will surely be gauged through the number of
viable initiatives implemented and investments undertaken
that would otherwise not have been possible due to
financial restrictions.

Joanna Camilleri, koordinatur editorjali tax-Shareholders’ Link, iltaqgħet mas-Sur Albert
Frendo, Chief Officer Credit fil-Bank of Valletta.
Bħala accountant ikkwalifikat, il-karriera ta’ Albert Frendo
bdiet fid-Dipartiment tal-Finanzi tal-Bank fejn kien
responsabbli mill-‘management accounts’ u r-rappurtaġġ
finanzjarju tal-Grupp. Aktar tard ingħata r-responsabbiltà
għall-ġestjoni tar-riskju tal-kreditu tal-Bank fi ħdan il-funzjoni
tar-Riskju, biex b’hekk seta’ jkollu għarfien iktar fil-fond
tal-kreditu tal-Bank filwaqt li jinfluwenza l-mod ta’ kif u fejn
għandu jkun indirizzat is-self tal-Bank. Is-sur Frendo nħatar
Chief Officer Credit f’Diċembru tal-2010 u b’hekk assuma
r-responsabbiltà għall-kreditu tal-Bank.
X’inhu r-rwol tal-Bank fl-ekonomija, u x’inhu t-tbassir
tiegħek għall-ekonomija Maltija fis-snin li ġejjin?
Fil-kriżi finanzjarja li d-dinja għaddiet u għada għaddejja
minnha spikkaw numru ta’ kwistjonijiet u realtajiet ċari, mhux
l-inqas ir-rwol kruċjali tal-banek fit-tmexxija ’l quddiem
tal-ekonomija. Banek li huma b’saħħithom jistgħu jgħinu
lill-ekonomija biex timxi ’l quddiem fi żminijiet diffiċli filwaqt li
banek dgħajfa jistgħu jkunu huma stess il-kawża ta’
reċessjoni profonda u twila.
Il-mod prudenti li bih il-banek lokali mmaniġġjaw il-karta
tal-bilanċ tagħhom fis-snin li għaddew għamilha possibbli
kemm li huma stess jadattaw ruħhom aktar faċilment għal
realtajiet li ma kinux mistennija kif ukoll li jkomplu jassistu
lill-industrija lokali waqt il-kriżi finanzjarja. Bażikament il-karti
tal-bilanċ b’saħħithom sostnuti minn kapital u buffers ta’
likwidità sodi ddeterminaw il-fluss kontinwu tal-kreditu
matul il-kriżi u dan għen lil Malta toħroġ mir-reċessjoni
pjuttost malajr.
Aħna għandna r-responsabbiltà mhux biss li nsostnu
l-ekonomija lokali iżda wkoll li ngħinuha tinbidel sabiex tadatta
ruħha għal-livelli tad-dħul tal-UE. Għad hemm ħafna sfidi
quddiemna, madankollu aħna ninsabu ottimisti, għalkemm
b’mod kawt, fuq il-futur immedjat tal-ekonomija tagħna
minħabba l-livell adegwat ta’ reżistenza muri fl-aħħar snin.
Qiegħdin ukoll inkunu xhieda ta’ indikaturi ekonomiċi pożittivi,
li jindikaw it-tmiem tar-reċessjoni, f’oqsma ġodda ta’ tkabbir u
riżultati tajbin f’setturi oħrajn li qed jgħinu biex ikun hawn
diversifikazzjoni li tħalli l-ġid fl-ekonomija.
Liema huma l-oqsma ta’ tkabbir li jistgħu jirrappreżentaw
opportunitajiet lill-Bank?
Il-Bank of Valletta huwa bank lokali kkonċentrat fuq l-ekonomija
lokali u li jifhem sew in-negozju lokali. Is-self tal-Bank huwa mifrux
tajjeb ħafna fis-setturi kollha u l-Bank jagħmel ħiltu kollha sabiex
l-attività tiegħu tkun preżenti f’kull settur tal-ekonomija. L-isfida
tagħna hija li nkomplu nsostnu s-setturi tradizzjonali tal-ekonomija
lokali inklużi t-turiżmu, il-manifattura u l-kostruzzjoni imma fl-istess
waqt inkunu preżenti b’mod attiv fl-ekonomija l-ġdida li qed
titfassal b’mod pjuttost mgħaġġel. L-iżvilupp ta’ Malta f’ċentru ta’
eċċellenza fis-servizzi finanzjarji, l-evoluzzjoni tat-Teknoloġija
tal-informazzjoni u l-Komunikazzjoni (l-ICTs), ix-xaqlib tas-settur
tal-manifattura lejn produzzjonijiet ta’ valur għoli, l-enerġija
ekoloġika u l-funzjonijiet turistiċi huma kollha oqsma li fihom qed
ngħinu u nipparteċipaw bis-sħiħ. Ċertament il-parteċipazzjoni
tagħna hija kruċjali biex ikun żgurat li l-viżjoni għall-Malta ssir realtà
u aħna nimpenjaw ruħna bis-sħiħ biex inkunu parti integrali minn
din it-trasformazzjoni.
X’inhi l-istrateġija tal-Bank dwar l-SMEs?
Jeħtieġ niżguraw li l-SMEs ikollhom aċċess adegwat għallfinanzjament
minħabba r-rwol kruċjali tagħhom fl-ekonomija lokali,
fejn naraw li dawn jikkontribwixxu aktar minn 60 fil-mija tal-PGD
tal-pajjiż. Din il-ħtieġa tinħass iktar meta wieħed iqis illi ma tantx
hemm għażla fejn jidħlu metodi alternattivi ta’ finanzjament.
Il-BOV dejjem kien minn ta’ quddiem biex jappoġġja lill-SMEs, li
jikkostitwixxu l-maġġoranza tal-klijenti kummerċjali tal-Bank. Dan
l-appoġġ hu rifless f’inizjattivi bħal JEREMIE li huwa pakkett
finanzjarju li jipprovdi aċċess għal self għall-investiment kapitali, rati
tal-imgħax u arranġamenti ta’ sigurtà vantaġġjużi.
Permezz ta’ dan il-programm, il-Bank jgħin lill-SMEs inkluż dawk li
jiftħu negozji ġodda u mikrointrapriżi sabiex ikunu jistgħu jinjettaw
kapital fl-impriżi tagħhom, iniedu prodotti u servizzi ġodda, ifittxu
swieq ġodda għall-esportazzjoni u jinvestu fit-teknoloġija
ekoloġika. Il-pakkett tal-BOV JEREMIE iqiegħed għaddispożizzjoni
€51 miljun f’self lill-SMEs fuq medda ta’ 3 snin. Bla
dubju s-suċċess tal-JEREMIE għandu jitkejjel fuq in-numru ta’
inizjattivi vijabbli u l-investimenti li jkunu seħħew u li kieku ma
kienux jitwettqu minħabba r-restrizzjonijiet għall-aċċess għallfinanzjament.

november 2011
The Annual General Meeting - FAQs
“The Board shall use the general meeting to communicate
with shareholders …
Shareholders must appreciate the significance of participation
in the general meetings of the Company and particularly in
the election of Directors.”
- Principle 9 of the Code of Principles of Good Corporate
Governance
What is the purpose of the AGM?
During an AGM, the company reports on the year’s results
and informs shareholders about future business plans. The
shareholders have the opportunity to vote on items which are
brought before the meeting and to ask questions related to
such items.
The AGM deals with what is termed in the Listing Rules of
the Malta Financial Services Authority (MFSA) as “ordinary
business”, namely the receiving or adoption of the annual
accounts, the declaration of a dividend, the re-appointment
of the Board of Directors (which may or may not involve an
election), the re-appointment of the auditors and the grant
of the authority to the Board to fix the auditors’ emoluments.
Secondly, the AGM can address other “extraordinary” business,
such as amendments to the Memorandum and Articles of
Association.
Who can participate in an AGM?
Participation is restricted to shareholders who are registered as
such on the Register of shareholders of the company on the
Record Date. In terms of the Listing Rules, the Record Date is
set at 30 days before the AGM date.
In the case of joint shareholdings, the notice is issued in the
name of the first named shareholder and only this person
can attend the Meeting. In the case of shares held jointly by
husband and wife, both can attend the meeting, although only
one voting document is issued.
Il-Laqgħa Ġenerali Annwali - FAQs
“Il-Bord għandu jagħmel użu mil-laqgħa ġenerali biex
jikkomunika mal-azzjonisti...
8
When will the notice of the AGM be issued to the
shareholders? What other documentation will be
received by the shareholders?
Listed companies in Malta are required to give shareholders not
less than 21 days’ notice of an AGM, which is mailed with an
explanatory circular to shareholders, a list of nominees for the
election of directors (if an election will take place), a form of proxy
and a copy of the Annual Report and Financial Statements.
Can a shareholder appoint a third party to vote in his
or her stead at the AGM?
Yes. The proxy form (including in electronic format) is to be
received by the Bank not less than 48 hours before the time of
the AGM.
Whilst a proxy holder cannot transfer his/her proxy to another
person, a shareholder can choose to revoke a proxy not less than
48 hours before the time of the AGM.
A shareholder may choose to specify in the proxy form how his or
her proxy is to vote. This is referred to as a pre-voted proxy and
the form itself constitutes a vote. However, the proxy holder is
still required to attend the meeting for the vote to be valid.
What documents does a shareholder or his or her
proxy need to present to gain admission to the
AGM?
The documents required are the Admission Document which is
part of the proxy form and the identity card.
Upon registration, the shareholder or the proxy is issued with
a voting document. The proxy will not be issued with a voting
document if the proxy form received by the Bank was a prevoted
proxy.
The forthcoming BOV Annual General Meeting (AGM)
is to be held at the Grand Master Suite, Hilton Malta,
St Julians on the 16 December 2011 at 16.30 hours.
L-azzjonisti għandhom japprezzaw l-importanza talparteċipazzjoni
fil-laqgħat ġenerali tal-Kumpanija u b’mod
partikulari fl-elezzjoni tad-Diretturi.”
- Prinċipju 9 tal-Kodiċi ta’ Prinċipji ta’ Tmexxija Korporattiva Tajba

X’inhu l-għan tal-LĠA?
Waqt laqgħa ġenerali annwali, l-kumpanija tagħti tagħrif dwar
ir-riżultati tas-sena finanzjarja li tkun qed tintemm u tinforma
lill-azzjonisti dwar il-pjanijiet tan-negozju għall-futur. L-azzjonisti
jkollhom l-opportunità li jivvutaw fuq materji li jiġu mressqa fillaqgħa
u anki li jagħmlu mistoqsijiet pertinenti fuq dawn il-materji.
Il-LĠA tittratta dak li fil-Listing Rules tal-Awtorità għas-Servizzi
Finanzjarji ta’ Malta (MFSA) jissejjaħ “in-negozju ordinarju”
jiġifieri l-aċċettazzjoni tal-kontijiet annwali, id-dikjarazzjoni ta’
dividend, il-ħatra mill-ġdid tal-Bord tad-Diretturi (li għaliha jista’
jkun hemm il-ħtieġa ta’ elezzjoni), il-ħatra mill-ġdid tal-awdituri
u l-awtorizzazzjoni lill-Bord biex jiffissa l-ħlasijiet lill-awdituri.
It-tieni nett, il-LĠA tista’ tindirizza “negozju straordinarju” ieħor
bħal emendi fl-Istatut Legali tal-kumpanija.
Min jista’ jieħu sehem fil-LĠA?
Il-parteċipazzjoni hija ristretta għall-azzjonisti li jkunu reġistrati
bħala tali fir-Reġistru tal-azzjonisti tal-kumpanija fir-Record
Date. Skond il-Listing Rules, ir-Record Date hi d-data li tiġi 30
ġurnata qabel il-LĠA.
Fil-każ ta’ ishma miżmuma f’ismijiet konġunti, l-avviż jinħareġ
f’isem l-azzjonist li ismu jidher l-ewwel fir-Reġistru u dan
l-azzjonist biss jista’ jattendi l-Laqgħa. Madankollu, fil-każ ta’
ishma miżmuma f’ismijiet konġunti minn raġel u martu, jistgħu
jattendu t-tnejn li huma għal-laqgħa, għalkemm jinħareġ biss
dokument ta’ vot wieħed.
Meta jinħareġ l-avviż tal-LĠA lill-azzjonisti?
X’dokumentazzjoni oħra jirċievu l-azzjonisti?
Kumpaniji kkwotati fil-Borża ta’ Malta huma mitluba li jagħtu lillazzjonisti
avviż bil-quddiem tal-LĠA ta’ mhux inqas minn 21 jum,
u dan jintbagħat flimkien ma’ ċirkulari li sservi ta’ spjega, l-ismijiet
ta’ dawk nominati għall-elezzjoni ta’ diretturi (jekk tkun se ssir
elezzjoni), dokument ta’ prokura (proxy form, kif spjegat hawn
taħt) kif ukoll kopja tar-Rapport Annwali u l-Bilanċi Finanzjarji.
Jista’ azzjonist jaħtar terza persuna biex tivvota
f’ismu jew f’isimha fil-LĠA?
Iva. Id-dokument ta’ prokura jrid tasal għand il-Bank (inkluż
fil-format elettroniku jekk ser jintuża dan il-format) mhux inqas
minn 48 siegħa qabel il-ħin tal-LĠA.
Filwaqt li prokuratur ma jistax jittrasferixxi l-prokura tiegħu
lil persuna oħra, azzjonist jista’ jagħżel li jirrevoka prokura
mogħtija minnu sakemm il-Bank ikun avżat b’dan sa 48 siegħa
qabel il-ħin tal-LĠA.
Azzjonist jista’ jagħżel li jispeċifika fil-formola ta’ prokura kif ilprokuratur
tiegħu għandu jivvota. Din tissejjaħ prokura vvutata
minn qabel u għalhekk il-prokura fiha nnifisha tikkostitwixxi vot.
Madankollu, l-prokuratur xorta waħda huwa meħtieġ li jattendi
l-laqgħa biex il-vot ikun validu.
X’dokumenti jrid jippreżenta azzjonist jew ilprokuratur
tiegħu sabiex ikun jista’ jidħol għal-LĠA?
Id-dokumenti li jridu jiġu ppreżentati huma d-Dokument tal-
Aċċess li huwa parti mill-formola ta’ prokura li jkun irċieva kif
ukoll il-karta tal-identità tiegħu.
Wara li jiġi reġistrat, l-azzjonist jew il-prokuratur jinħariġlu
dokument tal-vot. Fil-każ fejn il-formola ta’ prokura li kienet
ġiet ippreżentata lill-Bank kienet waħda vvutata minn qabel,
il-prokuratur ma jingħatalux dokument tal-vot.
Il-Laqgħa Ġenerali Annwali (LĠA) tal-BOV li tmiss
se ssir fil-Grand Master Suite, il-Lukanda Hilton
Malta, San Ġiljan fis-16 ta’ Diċembru 2011 fl-16.30.
9

november 2011
STRESS
TEST
Bank of Valletta, for the second consecutive year, was the
only direct participant from Malta in the EU-wide stress
testing exercise organised by the European Banking
Authority (EBA). BOV achieved good results in both years
as a result of the Bank’s prudent capital management,
cautious risk appetite and responsible and sustainable
dividend payout policy.
In the wake of the most severe financial crisis in recent
history, the European Parliament and Council established
the EBA to act as the new EU-wide Supervisory Authority
with the main responsibilities of ensuring the stability of the
financial system, the transparency of the markets and the
protection of depositors and investors. The main tool used
by the EBA for its micro-prudential analysis is the EU-wide
stress test exercise which is conducted in cooperation
with the European Systemic Risk Board (ESRB).
The stress testing exercise assesses the resilience of the
major European banks to extreme hypothetical economic
shocks using consistent methodologies and assumptions.
The 2011 exercise tests the resilience of the banks over
a two-year horizon to a marked deterioration in the
macroeconomic environment. All the participating banks
were subject to an adverse scenario as designed by the
European Central Bank (ECB) that included substantial
deviations from the baseline figures to the main economic
variables such as GDP, employment and house prices. In
addition, the stress test included a reduction in market
prices for all government positions in the trading book.
In the case of Malta, the ECB assumed a scenario
10
Miguel Borg
Executive Head Risk Management
where the economy declines by a substantial 3.1% in
2011, followed by a weak recovery of 0.5% in 2012.
Unemployment was assumed to rise to 8.8% in 2012. In
addition, property prices were assumed to fall by 6.3%
in 2011 and by a sharp 23.8% in 2012. These stress test
assumptions, which do not represent a forecast for the
two-year horizon, were considered to be extreme when
compared to the official EU economic forecasts for Malta
and to past experience. Notwithstanding these severe
conditions, BOV passed the stress test with good results,
ranking with the top fifteen when compared to all 90
participating banks that represent 65% of the EU
banking system.
Indeed, BOV’s Core Tier 1 capital ratio, which relates
shareholders’ funds to risk-weighted assets, fell marginally
to 10.4% under the adverse scenario when compared
to the 10.5% recorded as at end 2010. Out of the
participating banks, eight failed to reach the pass mark of
5% while another sixteen passed marginally.
The test showed that BOV’s balance sheet would barely
be dented by a severe economic recession, inclusive of
a hefty fall in house prices over a two-year period. This
does not mean that the Bank, indeed the entire banking
sector, is immune to the macro-economic cycles. It is,
however, a testimony to the stability of the domestic
financial sector, which came through the Great Crisis of
2007-09 practically unscathed, and which is geared to
withstand quite severe shocks, no matter how unlikely
such events may be.

Għat-tieni sena konsekuttiva, l-Bank of Valletta kien l-uniku
parteċipant dirett minn Malta fl-eżerċizzju ta’ stress testing
organizzat mill-Awtorità Bankarja Ewropea (EBA) fil-pajjiżi
kollha tal-UE. Il-BOV kiseb riżultati tajbin fis-sentejn li huma,
bħala riżultat tal-ġestjoni prudenti tal-kapital, tal-attitudni
kawta lejn ir-riskju u tal-politika responsabbli u sostenibbli
dwar il-ħlas tad-dividends attwata mill-Bank.
B’riżultat tal-aktar kriżi finanzjarja qawwija fl-istorja reċenti,
il-Parlament Ewropew u l-Kunsill Ewropew waqqfu l-Awtorità
Bankarja Ewropea (EBA) sabiex tassumi r-rwol ta’ awtorità
superviżorja ġdida mal-UE kollha u tkun responsabbli
prinċipalment li tassigura l-istabbiltà tas-sistema finanzjarja,
t-trasparenza tas-swieq u mill-ħarsien tad-depożitanti
u l-investituri. L-għodda prinċipali użata mill-EBA għallanaliżi
mikro-prudenzjali tagħha huwa l-eżerċizzju ta’ stress
testing imwettaq madwar il-pajjiżi kollha tal-UE li jitmexxa
b’kooperazzjoni mal-Bord Ewropew dwar ir-Riskju
Sistemiku (ESRB).
L-eżerċizzju ta’ stress testing jevalwa r-reżistenza tal-banek
prinċipali Ewropej quddiem ipotesi ta’ xokkijiet ekonomiċi
estremi permezz ta’ metodoloġiji u suppożizzjonijiet
konsistenti. L-eżerċizzju tal-2011 jittestja r-reżistenza talbanek
fuq perspettiva ta’ sentejn fl-isfond ta’ deterjorament
qawwi fl-ambjent makroenomiku. Il-banek kollha li
pparteċipaw ġew soġġettati għal xenarju avvers mfassal mill-
Bank Ċentrali Ewropew (BĊE) li kien jinkludi devjazzjonijiet
sostanzjali mill-figuri tal-punt tat-tluq (baseline figures) firrigward
tal-varjanti ekonomiċi prinċipali bħall-Prodott Gross
Domestiku, ix-xogħol u l-prezzijiet tad-djar. Barra minn hekk,
it-test kien jinkludi tnaqqis fil-prezzijiet tas-suq fir-rigward talpożizzjonijiet
kollha tal-gvern fit-trading book.
Fil-każ ta’ Malta, il-BĊE assuma xenarju fejn l-ekonomija
tonqos b’ċifra sostanzjali ta’ 3.1% fl-2011, liema tnaqqis ikun
segwit b’irkupru ta’ biss 0.5% fl-2012. Il-BĊE assuma ukoll
li l-qgħad jitla’ għal 8.8% fl-2012 u li l-prezzijiet tal-proprjetà
jaqgħu b’6.3% fl-2011 u b’rata qawwija ta’ 23.8% fl-2012.
Dawn is-suppożizzjonijiet użati għall-eżerċizzju ta’ stress
testing u li ma jirrappreżentawx tbassir għall-perspettiva
tas-sentejn taħt konsiderazzjoni, kienu meqjusa li huma
estremi meta mqabbla mat-tbassir ekonomiku uffiċjali tal-UE
għal Malta u mal-esperjenza tal-imgħoddi. Minkejja dawn
il-kondizzjonijiet iebsin ħafna, il-BOV għadda minn dan
l-eżerċizzju ta’ stress testing b’riżultati tajbin, fejn anki spiċċa
mal-ewwel ħmistax meta mqabbel mad-90 bank parteċipant
li kienu jirrappreżentaw 65% tas-sistema bankarja tal-UE.
Verament, il-ratio tal-kapital Core Tier 1 tal-Bank, li jirrelata
l-fondi tal-azzjonisti mal-assi risk-weighted, niżel bi ftit għal
10.4% fl-isfond ta’ dan ix-xenarju avvers meta mqabbel mal-
10.5% irreġistrat fl-aħħar tal-2010. Mill-banek parteċipanti
kollha, tmienja ma rnexxilhomx jilħqu l-pass mark ta’ 5%,
filwaqt li sittax oħrajn għaddew mit-test b’mod marġinali.
L-eżerċizzju wera li l-karta tal-bilanċ tal-BOV bil-kemm tkun
mittiefsa f’każ ta’ reċessjoni ekonomika qawwija, inkluż
jekk ikun tnaqqis sostanzjali fil-prezzijiet tal-proprjetà fuq
perjodu ta’ sentejn. Dan ma jfissirx li l-Bank, anzi s-settur
bankarju kollu, ma jħossx l-impatt taċ-ċikli makro-ekonomiċi.
Madankollu, dan ir-riżultat huwa xhieda tal-istabbiltà tassettur
finanzjarju domestiku, li rnexxilu jegħleb il-Kriżi l-Kbira
tal-2007-2009, u li huwa armat għal xokkijiet qawwijin
ħafna, irrispettivament minn kemm jistgħu jkunu improbabbli
ċirkustanzi bħal dawn.
11

november 2011
from your investor
relations officer
The Office of the Company Secretary and the Investor Relations Officer at Bank of Valletta
is your link to your shareholding in the Bank of Valletta plc., where, as a BOV shareholder,
you are assured of individual attention whenever you get in touch with us.
A subject that is often the topic of
queries from our shareholders is
the tax paid on BOV dividends. I
am reproducing the most common
questions that are asked on this
subject, as well as the respective
replies and explanations. This
information is not intended to
constitute tax advice and it is being
provided by way of general information.
Who can help me with the
completion of my tax return, and
what documentation is required
to claim any tax paid on dividends
received on BOV shares?
Assistance on the completion of your
tax return and/or the treatment of tax
paid on dividends should be sought
from the Department of Inland Revenue
or a professional tax advisor. The
Bank cannot provide tax advice to its
shareholders.
The Bank will, however, provide you
with evidence of tax paid on your
dividend payments in the form of a
dividend advice, which you may utilize
in support of any tax claims filed with
the Commissioner of Inland Revenue.
Why is tax deducted at the rate of
35%, and why cannot I receive my
BOV dividend gross of tax?
A question that arises from time to time
is why dividends paid on BOV Shares
are not taxed at the rate of 15%, as is
the case for interest on bonds.
In terms of the Income Tax Act (Chapter
123 of the laws of Malta) and the
Income Tax Management Act (Chapter
372 of the laws of Malta), the tax
12
treatment of income derived from bonds
is different from the tax treatment of
income derived from shares. Bonds
pay interest, which is subject to Final
Withholding Tax at the rate of 15%. The
bondholder has the option to deduct
this tax at source, but may also opt to
receive a gross payment.
On the other hand, shares pay
dividends, which are subject to a
different tax treatment. First, tax on
dividents is paid at source in Malta,
and thus there is no option to receive
a gross dividend payment on BOV
Shares. Secondly, the rate of tax
payable depends on the source of
the revenues from which dividends
are paid.
In broad terms, the Bank’s revenues
are categorized according to the nature
of the activities through which they
were generated. Revenues are then
deposited in the appropriate reserves
(or accounts) in accordance with the
relevant legislative provisions. Dividends
are then paid from these reserves, and
each reserve is subject to a specific rate
of tax.
If a dividend is paid from a reserve
which is taxable at the rate of 35%, then
the dividend will be taxable at 35%, and
as stated above, tax is paid at source
and there is no option to receive a
gross payment.
A recent example is the payment of
the Bank’s interim dividend on the
28 May 2011, which was paid from a
reserve called the ‘Immovable Property
Account’, taxable at 35%.
The reserves from which dividend
payments are effected together with
the amount of dividend paid from each
reserve and the tax rate applicable to
each reserve are listed on the
tax advice.
Does the above also apply if I am a
non-resident of Malta and pay tax in
my home country?
Yes. A non-resident may, however, be
eligible to claim the tax paid from the
Commissioner of Inland Revenue and
can utilize the tax advices supplied by
the Bank in support of such tax claims.
What is the tax position of bonus
shares?
The tax position of bonus shares is the
same as that for dividend payments.
Indeed, in terms of the Income Tax Act,
dividends include bonus shares. In
simple terms, when a company issues
bonus shares, the company would be
distributing profits to its shareholders,
which however are being capitalized in
the form of bonus shares.
Upon allocating the bonus shares to
shareholders, the Bank sends a tax
advice to the shareholder which lists the
gross, tax and net amounts involved in
the allocation of the bonus shares.
The certificate constitutes a dividend
advice and can be utilized to support
any tax claims in the same way tax on
dividend payments may be claimed.
Yours sincerely,
Stefan Kottmann Soler
Investor Relations Officer

Suġġett li dwaru l-azzjonisti tal-Bank
isaqsu ta’ spiss huwa dak dwar ittaxxa
li titħallas fuq id-dividends tal-
BOV. Għalhekk qed inġib hawn taħt
l-aktar mistoqsijiet komuni li intom
tistaqsu dwar dan is-suġġett, kif ukoll
it-tweġibiet u l-ispjegazzjonijiet rispettivi.
Din l-informazzjoni m’għandhiex bħala
għan li sservi ta’ parir dwar it-taxxa u
qed tingħata biss bħala informazzjoni
ġenerali.
Minn fejn nista’ nikseb għajnuna biex
nimla l-prospett tat-taxxa tiegħi, u
x-tip ta’ dokumenti huma meħtieġa
biex nista’ nitlob ħlas lura tat-taxxa
mħallsa fuq id-dividends li nkun
irċevejt fuq l-ishma tal-BOV tiegħi?
Kwalunkwe għajnuna dwar il-mili
tal-prospett tat-taxxa tiegħek u/jew
dwar it-trattament tat-taxxa mħallsa
fuq id-dividends għandha tinkiseb
mid-Dipartiment tat-Taxxi Interni jew
konsulent tat-taxxa professjonali. Il-Bank
ma jistax jagħti pariri dwar it-taxxa lillazzjonisti
tiegħu.
Madankollu, il-Bank jista’ jagħtik evidenza
tat-taxxa mħallsa fuq il-pagament taddividends
tiegħek f’għamla ta’ avviż
tad-dividends, li tista’ tużah biex issostni
kwalunkwe talba għal ħlas lura tat-taxxa
mingħand il-Kummissarju tat-Taxxi
Interni.
Għaliex it-taxxa titnaqqas bir-rata
ta’ 35%, u għaliex ma nistax nirċievi
d-dividends tiegħi mill-BOV mingħajr
ma titnaqqas it-taxxa minnhom?
Mistoqsija li tqum minn żmien għal żmien
hija għaliex id-dividends li jitħallsu fuq
l-ishma tal-BOV ma jiġux intaxxati birrata
ta’ 15%, bħal fil-każ tal-imgħax fuq
il-bonds.
F’dak li għandu x’jaqsam mal-Att dwar it-
Taxxa fuq l-Income (Kapitlu 123 tal-liġijiet
Important Dates
ta’ Malta) u l-Att dwar l-Amministrazzjoni
tat-Taxxa (Kapitlu 372 tal-liġijiet ta’ Malta),
it-trattament fiskali tad-dħul mill-bonds
huwa differenti mit-trattament fiskali taddħul
mill-ishma. Il-bonds iħallsu imgħax,
li huwa suġġett għal-Final Witholding Tax
bir-rata ta’ 15%. Id-detentur ta’ bonds
jista’ jagħzel li tinqatagħlu din it-taxxa
mill-ewwel, imma jista’ wkoll jagħzel li
jirċievi l-pagament sħiħ mingħajr taxxa
mnaqqsa.
Min-naħa l-oħra l-ishma jħallsu
d-dividends, li huma suġġetti għal
trattament fiskali differenti. L-ewwel
ħaġa, f’Malta t-taxxa fuq id-dividends
tinqata’ mill-ewwel, u għal din ir-raġuni
ma teżiżtix l-għażla li wieħed jirċievi
l-pagament tad-dividend fuq l-ishma tal-
BOV mingħajr tnaqqis tat-taxxa. It-tieni
ħaġa, ir-rata tat-taxxa mħallsa tiddependi
mit-tip tad-dħul minn fejn jitħallsu
d-dividends.
B’mod ġenerali, id-dħul tal-Bank
jiġi kklassifikat skont in-natura talattivitajiet
li minnhom ikun ġie ġġenerat
l-istess dħul. Dan id-dħul mbagħad jiġi
ddepożitat fir-riżervi (jew kontijiet) adattati
skont id-dispożizzjonijiet leġiżlattivi
rilevanti. Imbagħad id-dividends jitħallsu
minn dawn ir-riżervi, u kull riżerva hija
suġġetta għal rata speċifika ta’ taxxa.
Jekk dividend jitħallas minn riżerva li hija
suġġetta għal rata ta’ taxxa ta’ 35%,
allura d-dividend irid jeħel taxxa ta’ 35%,
u kif intqal aktar ’l fuq, it-taxxa tinqatà
mill-ewwel u m’hemmx għażla li wieħed
jista’ jirċievi l-pagament mingħajr tnaqqis
ta’ taxxa.
Eżempju reċenti huwa l-ħlas taddividend
interim tal-Bank fit-28 ta’ Mejju
2011, li tħallas minn riżerva msejħa
l-‘Immovable Property Account’, li hija
suġġetta għal taxxa ta’ 35%.
Ir-riżervi li minnhom jitħallsu d-dividends
flimkien mal-ammont tad-dividends
mħallsa minn kull riżerva u r-rata tattaxxa
applikabbli għal kull riżerva huma
murija fuq l-avviż tat-taxxa.
Jekk jien mhux residenti f’Malta u
nħallas it-taxxa f’pajjiżi, japplika
għalija wkoll dan t’hawn fuq?
Iva. Madankollu bħala persuna mhux
residenti f’Malta tista’ tkun eliġibbli li
titlob ħlas lura tat-taxxa mħallsa hawn
Malta mingħand il-Kummissarju tat-Taxxi
Interni u tista’ tagħmel użu mill-avviżi
ta’ taxxa mogħtija lilek mill-Bank biex
issostni t-talbiet tiegħek.
X’inhi s-sitwazzjoni fiskali tal-ishma
bonus?
Is-sitwazzjoni fiskali tal-ishma bonus
hija l-istess bħal dik tal-pagamenti
tad-dividends. Fil-fatt, skont l-Att dwar
it-Taxxa fuq l-Income, id-dividends
jinkludu l-ishma bonus. F’termini
sempliċi, meta kumpanija toħroġ ishma
bonus, hija tkun qed tqassam il-profitti
lill-azzjonisti tagħha, li madankollu jkunu
qed jiġu kapitalizzati f’għamla ta’ ishma
bonus.
Fil-mument li l-Bank jalloka l-ishma
bonus lill-azzjonisti tiegħu, huwa jibgħat
avviż tat-taxxa lill-azzjonist li fuqu jkunu
jidhru l-ammont qabel it-tnaqqis tattaxxa,
l-ammont tat-taxxa u l-ammont
wara t-tnaqqis tat-taxxa fir-rigward talallokazzjoni
tal-ishma bonus.
Iċ-ċertifikat jirrappreżenta avviż ta’
dividend u wieħed jista’ jużah biex isostni
talbiet għall-ħlas lura ta’ xi taxxa bl-istess
mod li wieħed jista’ jitlob ħlas lura ta’
taxxa fuq pagamenti ta’ dividends.
Dejjem tiegħek,
Stefan Kottmann Soler
Investor Relations Officer
Board approval of Group Financial Statements - Friday 28 October 2011
Press Conference and Stockbrokers'/Analysts' Meeting - Friday 28 October 2011
Annual General Meeting - Friday 16 December 2011
13

november 2011
St Catherine of Italy
Restoration Project
Giuseppe Mantella
Restorer - St Catherine of Italy Restoration Project
My Personal
Experience
The highly elaborate and time consuming restoration of the St Catherine of
Italy cupola located in Valletta, has come to an end. The Bank of Valletta
financed project began in 2009 and took nearly two and a half years
to complete. This complex task was entrusted to Giuseppe Mantella,
internationally recognised restorer and director of Giuseppe Mantella
Restauri. Mr Mantella has cordially accepted to share his experience with
us in the following excerpt.
For me, working in Malta is like working in my own country, as I feel that I
have been adopted by Malta. I had the honour to start taking part in large
restoration projects sixteen years ago when the art of restoration in Malta had
not yet made the huge steps forward to reach the standards it has achieved
today. I believe that through the work done over these years we have given our
contribution to safeguard and to bring out the value of precious works of arts
which exist on the island.
We had strongly used our influence for the fourth Protocol between Italy and
Malta to finance the funding of a school of restoration in Malta. This aim has been
achieved and this school nowadays constantly forms young Maltese restorers.
I feel that our work is made up ever more of knowledge and professionalism
coupled with dedication. In this respect, I truly would like that the art of
restoration in Malta, where Malta can nowadays rely on many professional
restorers, is not only seen as a source from which one can earn considerable
income, but as a profession where dedication and knowledge are the
expression for the rehabilitation of a history like Malta’s. The latter deservedly
forms part of the most important centres of art in Europe.
14

Esperjenza
Personali
Tlesta r-restawr elaborat fuq il-koppla
tal-Knisja ta’ Santa Katerina tal-Italja, li
tinstab fil-Belt Valletta. Il-proġett, li ġie
ffinanzjat mill-Bank of Valletta, beda
fis-sena 2009 u dam għaddej madwar
sentejn u nofs. Peress li dan il-proġett
kien jirrikjedi speċjalizzazjoni fil-qasam
tar-restawr, intgħazel Giuzeppe Mantella,
li huwa espert b’fama internazzjonali f’dan
il-qasam. Is-sur Mantella qasam magħna
kelmtejn dwar l-esperjenza tiegħu.
Meta naħdem hawn Malta nħossni qisni
qed naħdem f’pajjiżi stess, għaliex inħossni
li ġejt adottat minn dan il-pajjiż. Kelli l-unur li
nieħu sehem fi proġetti kbar ta’ restawr sa
minn sittax-il sena ilu meta l-arti tar-restawr
f’Malta ma kienetx għada għamlet il-passi
ta’ ġgant ’il quddiem li waslu għal-livell li
jidher madwarna llum. Jien nemmen li bissaħħa
tax-xogħol li wettaqna matul dawn
is-snin ikkontribwejna biex ġew salvati u
biex ġie irrikonoxxut il-veru valur ta’ opri
speċjali li jeżistu fuq din il-gżira.
Użajna l-influwenza tagħna b’mod qawwi
sabiex ir-raba’ Protokoll bejn l-Italja u Malta
jiffinanzja t-twaqqif ta’ skola tar-restawr
f’Malta. Dan l-għan inkiseb u din l-iskola
issa qiegħda kontinwament tipproduċi
restawraturi żgħażagħ Maltin.
Inħoss li għandi ngħid li x-xogħol tagħna
jikkonsisti dejjem aktar f’għarfien,
professjonalità u dedikazzjoni. F’dan
ir-rigward onestament nixtieq li l-arti tarrestawr,
fejn Malta issa tista’ tgawdi minn
ħafna restawraturi professjonali, ma titqisx
biss bħala sors ta’ dħul konsiderevoli għal
dak li jkun, imma bħala xogħol fejn iddedikazzjoni
u l-għarfien ikunu l-espressjoni
ta’ professjonalità għar-riabilitazzjoni ta’
storja bħal dik ta’ Malta li meritevolment
tifforma parti mill-aktar ċentri importanti talarti
fl-Ewropa.
Shareholders’
Package
Number of BOV Shares required from
19 January 2011
Discounts on BOV Stockbroking fees
charged on deals in securities listed on the
Malta Stock Exchange
Automatic interest rate premium of between
0.125% and 0.225% on 1-5 year BOV Term
Deposit Accounts denominated in Euro
50% discount on BOV Classic Credit Cards
annual fees
Increase in the credit limit on BOV Classic
Credit Cards, and the BOV Visa Flypass
Business Card
1 -
2,199
Number of Shares
2,200 -
12,999
13,000 -
34,599
34,600
+
10% 15% 20% 25%
0.125% 0.175% 0.225%
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50% discount on BOV Safe Custody charges • • •
Reduced policy fees as well as a reduction in
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Bond denominated in Euro, US$ or GBP
50% discount on BOV VISA Gold Card
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50% discount on BOV VISA Platinum Card
annual fees
An increase in the credit limit on the BOV VISA
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10% discount on annual memberships at The
Athenaeum Spa and entitlement to the Spa’s
Loyalty card, which includes a 15% discount on
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10% on Estetika Laser Hair Removal Services,
Beauty Services, Injectables, Body Shape
Clinic Services and 5% on all beauty retail
products.
Discounts on the Laferla Insurance Agency
Ltd Health Scheme
Discounts on all symptomatic imaging
examinations at The Radiology Clinic, Ta’
Xbiex, including Chest X-Rays, Ultrasound,
Mammography and Bone Density Screening
Discounts on all X-Ray, mammography, bone
density services, dental work, permanent hair
removal treatments from St. Anne’s Clinic and
on all new spectacles and other repairs ordered
from St. Anne’s Eye Clinic, B’Kara
10% discount on hospital/clinic fees from all
St. James Hospital Group’s hospital and clinics.
Discounts on clinic, operating theatre fees and
investigations at St. Mark’s Clinic, Msida
• • •
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•
•
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15

Wherever I go, I carry
just two essentials.
EX .52 FINO AMEX .52
You have the life, now apply for the card.
Call 2131 2020 or visit www.bov.com
Exclusive provider of American Express ® Cards.
Finding the perfect pictures to tell stories
takes me all over the world. Apart from my
camera, the one thing I always take with
me is my American Express ® Card. Not only
will it get me almost anywhere, it will also
get me out of trouble in an emergency.
My life is a series of captured moments.
My card is my constant companion.