Tuesday, 21st November 2023

Conference Hall, Level 3 - MFSA Premises

This event has already passed and registrations are closed.


The objective of this workshop is to start providing more exposure to the Resolution Framework which is still relatively unknown to other stakeholders including the industry. The aim of this first workshop on Resolution is to provide a general overview of the work being done by the MFSA as the Resolution Authority and the manner in which the framework is applied. Moreover, there will be an international and industry aspect included by having a panel which includes representatives from foreign authorities and the industry as well as a case study of recent bank failures. Finally, the workshop aims to provide the audience with an outlook to the future by discussing the project on bank insolvency law and the priorities going forward in the area of resolution.

Who Should Attend

Banking Industry, Law and Audit Firms, Practitioners, Central Bank, Ministry for Finance and Employment, Malta Stock Exchange, Depositor Compensation Scheme and Internal Staff.



09:00H Registration & Welcome Coffee
09:30H Opening Statement

Kenneth Farrugia - Chief Executive Officer, MFSA

09:45H Resolution Function - What We Do: Public Interest Assessment SWE, Resolvability, MIS

Resolution Function Team Members

10:45H Coffee Break
11:00H Panel Discussion: Recovery and Resolution - Local and International Perspective, Cooperation between Authorities and Industry View

Michelle Mizzi Buontempo - Chief Officer Enforcement, MFSA (Moderator)
Christian Buttigieg - Head of Resolution, MFSA
Catherine Galea - Head of Banking Supervision, MFSA
Tuija Taos - Board Member, Single Resolution Board
Karol Gabarretta - General Secretary, Malta Bankers' Association

11:45H EU and Non-EU Bank Failures - Lessons Learnt

Francisco Estrela Jimenez - Partner, EY Spain

12:30H Administrative Insolvency Framework

Chris Mifsud Bonnici - Senior Manager, PwC

13:00H Lunch Break
13:40H Looking Ahead - Resolution Priorities 2024

Christian Buttigieg - Head of Resolution, MFSA

14:15H Closing Remarks

Michelle Mizzi Buontempo - Chief Officer Enforcement, MFSA

14:30H Networking Drinks


The Authority encourages interested participants to register by filling in the form below by not later than Sunday 19 November 2023.

Registration is on a first come, first served basis.


Chief Executive Officer, MFSA

Kenneth Farrugia

Kenneth Farrugia, CEO of the MFSA, holds a Bachelor of Accountancy (Hons), an MA in Business Ethics, and is a Certified Public Accountant and a fellow member of the Malta Institute of Accountants (MIA). Throughout his career, Mr Farrugia held audit positions both within private audit firms and the public sector. Prior to joining the MFSA, Mr Farrugia was the Director of the FIAU, Malta’s financial intelligence and single AML/CFT Supervisor and Enforcement Unit in Malta, for six years until April 2023. During his tenure he implemented major policy, system and procedural reforms within the various sections of the FIAU, including intelligence analysis, AML/CFT supervisory and enforcement initiatives, and legal and international relation areas. Additionally, Mr Farrugia spearheaded the setting up of new teams within the Unit such as the cash limitation supervisory team, the central bank account registry and data analytics team, as well as the strategy, policy and quality assurance teams to cater for new responsibilities assigned to the FIAU by law, and also to enhance the overall governance structure of the Unit. He represented the FIAU in international fora, including the EBA AMLC, FIU Platform and EGMONT, amongst others, and participated in various AML/CFT high-level committees. For nine years up to 2017, he was engaged within the Government of Malta’s Internal Audit and Investigations Department (IAID) where he held various roles, including that of Director General. Mr Farrugia provided support to the Internal Audit & Investigations Board (IAIB) in drafting policies and procedures, implementing and managing the necessary change programmes and served as Secretary to that Board. He also participated in various meetings, seminars and conferences organised by the European Commission in the fields of auditing and financial investigations. Mr Farrugia is currently also the Chairman of the FIAU.

Chief Officer Enforcement, MFSA

Michelle Mizzi Buontempo

Dr Mizzi Buontempo has been occupying the position of Chief Officer Enforcement since March 2020, after five years heading the Conduct Supervision function within the MFSA. Michelle has over twenty years of experience in the regulation and supervision of different areas within financial services, including supervision of investment firms and fiduciaries. She represented the MFSA at various Committees of the ESAs and is a member of the ECB Supervisory Board. During her career within the MFSA, Michelle has been entrusted with the responsibility of piloting a number of projects including the setting up of a regulatory regime to enhance consumer protection in the investments and insurance sector, as well the establishment of a new regulatory framework for trustees and company service providers. Michelle regularly lectures on corporate governance and consumer protection. An advocate by profession, Michelle was awarded a Masters Degree in Financial Services from the University of Malta. She also holds a warrant to practice in the Maltese Courts. Prior to joining the MFSA, she headed the corporate division of a leading audit firm specialising in financial services.

Head, Banking Supervision, MFSA

Catherine Galea

Catherine Galea is the MFSA’s Head of Banking Supervision. She commenced her career with the Central Bank of Malta in 1990 before joining the MFSA in 2002 in order to pursue her career within Banking Supervision and in 2010 was assigned the responsibility of setting up the banking section within the Authorisations function. Later, Catherine was appointed as Head of Banking Supervision and was also the Malta member within the SSM Supervisory Board. From 2020 till 2023, Catherine was subsequently entrusted with setting up and heading the Supervisory Quality Assurance function within the MFSA. Throughout her career, Catherine was also responsible for transposing and implementing various pieces of EU legislation in the field of banking supervision and has led various supervisory teams and working groups within the Authority. She actively participates and represents the MFSA in various international fora. Furthermore, she is a frequent lecturer at local educational institutions on various regulatory issues, including the Capital Requirements Regulation/Directive and Risk Management. Catherine is an Associate of the Chartered Institute of Bankers (ACIB) and holds an MSc degree in Finance from the University of Leicester (UK).

Head of Resolution, MFSA

Christian Buttigieg

Christian Buttigieg was appointed Head of Resolution on 1 September 2022, leading a multidisciplinary and dynamic team. He joined the Resolution Unit in January 2017 as a senior manager and has been an integral part of the process to set up the necessary structures of the function. Mr Buttigieg actively participated in negotiations to finalise the second iteration of the Bank Recovery and Resolution Directive, which regulates the resolution process in the EU and is also the MFSA representative on the Single Resolution Board’s Plenary Committee. Mr Buttigieg joined the Central Bank of Malta in 2005 after obtaining a B.Com (Hons.) in Economics from the University of Malta. At the Central Bank, Mr Buttigieg joined the Financial Stability Department and covered various areas for a number of years. He subsequently joined the Economics Department and was involved in economic analysis and forecasting for around four years. Subsequently, he moved again to Financial Stability within the Central Bank before joining the Resolution Unit at the MFSA. He also continued his studies and obtained a Masters in Financial Economics and a Masters of Law (Banking and Finance) from the University of London.

Secretary General, MBA

Karol Gabarretta

Karol Gabarretta is the Secretary General of the Malta Bankers’ Association as from the 23 July 2018. Mr Gabarretta represents the Association on various local bodies, such as the Management Committee of the Deposit Compensation Scheme, the Board of Governors of FinanceMalta and the Malta Financial Services Advisory Council. He also sits on the Executive Committee of the European Banking Federation (EBF). He holds a Bachelor’s degree in Economics (B. Comm. Econ.) and a post-graduate degree in Financial Services (M.A. Fin. Serv.) from the University of Malta. Mr Gabarretta was employed by the Central Bank of Malta (1979 - 2001) and subsequently by the MFSA (2002 - 2018) and is a former member of the ECB’s Supervisory Board. Mr Gabarretta also served as Chair of the Committee of European Banking Supervisors (CEBS) Task Force on Supervisory Disclosure (TFSD) and provided assistance within the EU Commission’s TAIEX program as an Expert on Banking Provisions of Financial Services Acquis.

Board Member, SRB

Tuija Taos

Tuija Taos is a board member of the Single Resolution Board (SRB) since November 2022. She was also appointed as the Director General of the Finnish national resolution and deposit Authority by the FSA in 2015. She had previously worked in the Financial Market Department at the Ministry of Finance as the Head of Unit, where she was responsible for the Finnish and EU financial market legislation and financial market policy. Besides this, Ms. Taos is also involved within the development and administration at the Finnish Deposit Guarantee System. Ms Taos successfully graduated with a Master of Laws from the University of Helsinki, together with an LLM degree from the University of Amsterdam. She is fluent in English, Swedish, French and Finnish. Ms Taos regularly attends board meetings as an SRB board member representative, most recently held at Banca de Portugal, Portugal.

Partner, EY Spain

Francisco Estrela Jimenez

Francisco Estrela Jimenez is a Partner at the EY Spanish office working in Financial Services and has extensive and hands-on experience in assisting credit institutions and NRAs in resolution planning. In his 15+ years’ experience he has advised in matters related to Prudential regulation such as the implementation of CRD/CRR Banking Package, and more recently he has been developing crisis management initiatives both with the Spanish Bank sector, but also with other European entities and entities in South America. Francisco holds an MBA from Instituto de Empresa, as well as a master's degree and a bachelor's degree in Telecommunications Engineering from the Polytechnic University of Valencia and the Supéléc Grande École in Paris. Mr. Estrela Jimenez is fluent in French, English and Portuguese. He attended the EY Malta Resolution Planning which took place in June.

Senior Manager, PwC

Chris Mifsud Bonnici

Chris Mifsud Bonnici is a regulatory lawyer within the Tax and Legal service line at PwC Malta, focusing mainly on governance, risk and compliance matters. Chris has experience advising on liquidation and insolvency in financial services, as well as on large scale corporate simplification and restructuring projects for various FTSE-250 entities during his time practicing as a corporate solicitor at PwC Legal in London. He holds a Masters of Law from the King's College London and is an affiliate of the Association of Chartered Certified Accountants. He is also very interested in regulatory innovation, in particular in the areas of Sustainable and Digital Finance.

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This event has already passed and registrations are closed.