Consultation - Fast Payout Mechanism & Reform of Reporting Requirements





The Management Committee of the Depositor Compensation Scheme is planning to introduce a reform on the reporting requirements of every bank participating in the Scheme. The objective of the reform is two-fold:

  1. To create the framework for a fast payout of compensations to eligible customers in the event of a bank failure; and
  2. To assist the Scheme in the evaluation of the funding requirements to cover any compensation payout.

The implementation of the reform requires the collaboration of all banks to set up / update their internal electronic systems in terms of regulation 14(5) of Legal Notice 369 of 2003 (Depositor Compensation Scheme Regulations).

In order to prepare the ground for the projected reform, the Management Committee has prepared a Consultation Document for all stakeholders with the intention of eliciting their comments and suggestions by 15 May 2012.

Contributions should be addressed to the Chairman - Depositor Compensation Scheme by email (info@compensationschemes.org.mt or mail (c/o Malta Financial Services Authroity, Notabile Road Attard BKR3000).

Responses will be published on the Depositor Compensation Scheme's website (www.compensationschemes.org.mt) unless the respondent specifically requests that its submission remains confidential.

The information contained in this consultation paper is intended for consultation purposes only and does not purport to represent or prejudge the final position of the Management Committee regarding the topics covered in the document.

Click here for the Consultation Document (the document is in docx format).