Oliver Bonello has been reconfirmed as Deputy Governor for Financial Stability at the Central Bank of Malta, after President of Malta George Vella approved the appointment, it announced on Thursday. His appointment is valid for a five-year period with effect from 1st July 2022.

This is Mr Bonello’s second term as Deputy Governor, after first being named in the position in 2017. Prior to this, he was Chief Officer of Financial Stability and Statistics Division at the bank.

He initially joined the Central Bank of Malta in 1976, holding several senior management positions and responsibilities across different areas, including banking supervision, financial and operational risk management, statistics, and financial stability.

As part of his work at the bank, Mr Bonello was instrumental in the establishment of the Banking Supervision Department in 1981.

He has represented the bank on both local and European boards, including as Vice-Chair on the European Council Ad Hoc Working Party on the Strengthening of the Banking Union during the Maltese Presidency of the European Union (EU) in the first half of 2017. Mr Bonello also participated in a number of committees and working groups within the European Central Bank (ECB), such as the European System of Central Banks (ECSB) Internal Auditors Committee and the European Systemic Risk Board (ESRB) Advisory Technical Committee.

The Central Bank of Malta was formed in 1968 with the primary goal of maintaining price stability within the local economy, doing so by participating in the preparation and decision-making process of the Eurosystem’s monetary policy.