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On the 3 January 2019, the MFSA issued an update to a circular dated the 18 September 2018 on the Imposition of Negative Interest Rates on Euro denominated Deposits.

While reaffirming the contents of the original circular, the MFSA, following consultation with the Central Bank of Malta, reconsidered the definition of “excessively high liquid balances”. The deposit threshold, which was previously set at EUR 2.0 million (or the equivalent amount in any other currency), has now been reduced to EUR 1.5 million (or the equivalent amount in any other currency).

The circular may be accessed at:

This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact