Malta has seen direct economic contribution by its Financial Services sector nearly double in the five year period ending in December 2012. This was also a time of significant instability in various jurisdictions especially in many EU countries.
According to Malta Financial Services Authority chairman Joe Bannister, there was a considerable increase in employment in direct financial intermediary services up to around 9,000 from 6,200 at the end of 2008. Mr Bannister also remarked that this would equate to somewhat 6% of the working population of a little more than 150,000. Preliminary data from Malta’s National Statistics Office suggests that, the financial services sector was directly responsible for 8.5% of the Maltese economy’s GDP last year, up from 4.5% in 2008. That was the year that saw the collapse of New York-based Lehman Brothers, several of Iceland’s banks were placed in receivership, and also a number of UK banks were bailed out by the British government.