The Malta Financial Services Authority on Friday evening issued six questions and answers on the Satabank situation.
Accounts at Satabank were effectively frozen by the Malta Financial Services Authority last week, when the MFSA also announced that Ernst and Young had been appointed to administer the bank’s assets in the best interests of depositors.
The financial regulator later decided to start a controlled release of customer deposits, bringing some relief to customers.
Following are the MFSA’s questions and answers:
Why has the MFSA frozen Satabank’s accounts?
The MFSA’s key concern is to ensure the safety and security of customer deposits and ensure the stability of the Maltese financial system. The decision to instruct Satabank to stop allowing money in and out of the bank was taken on this basis.
This has resulted in consumers and businesses losing access to their deposits. The MFSA is now working with the bank to allow customers to gain access to their deposits in a controlled manner. The MFSA is well aware that customers need access to their funds as soon as possible.
When will I get access to my money?
The MFSA is very concerned about the issues facing Satabank…
