The traditional sources of funding have proven to be very stable, including at a time of heightened tensions in the international financial markets. While taking on the changes that are needed to remain competitive and improve efficiency, the domestic banking sector must also continue to build upon the strengths of the traditional model. Among the many lessons that may be drawn from the experience of the international financial crisis, one that stands out is the importance for each banking institution to keep a prudent mix of dependable sources of funding, to limit the level of financial leverage and to maintain a sound balance sheet. Source: Central Bank of Malta; International Monetary Fund  Conclusion In summary I would like to conclude by stressing the need for further efforts to maintain international competitiveness and continued vigilance in the banking sector, in the context of  BIS central bankers’ speeches  9  recurring uncertainty in international financial markets and in the world economy. With this in mind, one has to acknowledge that although the relative performance of the Maltese economy has been encouraging, the challenges ahead are to be treated seriously and with caution. A further lesson from recent experience is that fiscal prudence has to be a continuous endeavour, especially in the light of the recent upward revisions in the public debt projections for 2012 and 2013. Further fiscal consolidation becomes more challenging in an environment of weak external demand.

Finance insures the contents of 20 million homes and provides pensions to 21 million people. Finance offers so much, but it still doesn’t offer enough for women. Jayne-Anne Gadhia’s review of gender diversity in finance shows that female representation on boards is less than a quarter and a mere 14% on executive committees. And these executive roles tend to be in corporate and support functions, such as HR and legal, as opposed to corporate leadership roles such as the CEO and CIO.2 This is especially striking as more women than men start out in financial services, only for their representation to diminish steadily through the ranks. The value of diversity This is an enormous missed opportunity. Research on the value of diversity is abundant. For example, McKinsey finds that companies in the top quartile of gender diversity are 15% more likely to have financial returns above their industry median.3 According to Credit Suisse, companies with more diverse boards outperformed peers by 26% and had higher return on equity, lower leverage, and higher average net income growth.4  1  The City UK, Key Facts about UK-based financial and related professional services (April 2017). Available at: https://www.thecityuk.com/assets/2017/Reports-PDF/54c0ebf2b5/UK-Key-Facts-2017-updated.pdf 2 Empowering Productivity: Harnessing the Talents of Women in Financial Services (June 2015). Available at: https://uk.virginmoney.com/virgin/assets/pdf/Virgin-Money-Empowering-Productivity-Report.pdf 3 Mckinsey & Company, Diversity Matters (February 2015). Available a: https://assets.mckinsey.com/~/media/857F440109AA4D13A54D9C496D86ED58.ashx 4 Credit Suisse, Gender Diversity and Corporate Performance (July 2012).