Is Mediterranean Bank 'safe' to put my assets?

its no safer or riskier than any other bank keep it under €100k and you at least have the depositor scheme to fall back on.

As toonarmy says, under 100,000, and its as safe as the depositor scheme, so dependent on whether you think the Maltese govt would be willing and able to compensate 100% of depositors if needed.

over 100,000 (or 200,000 for a joint account), and then its up to your view of the bank itself

everyone puts there cash somewhere!!!!!!

Thanks for your viewpoints!
I completely agree that it's better to play in the safe side and keep it under 100.000€ per holder.
It's just that I have that 'odd' habit of making some research about what type of financial products the bank invests in, what is its rating, etc. No luck in this case, I barely found information about Mediterranean Bank or perhaps I don't know the right place where to search! 
Any info would be very much appreciate it

Did you look at their website and who the owners are?  Also their report and accounts?

darmation, it took only seconds......................

http://www.medbank.com.mt/MaltaPublic/W … ofile.aspx

This report gives a independent review of the bank a couple of years ago..........

http://www.snapadministration.com/snapd … 685000.pdf

Terry

Thank you all for your contributions!
Definetely, it was a very informative thread.

Hi everybody,

Please note that some off topic posts have been removed from this thread.

Thank you,

Priscilla
Expat.com team

Med Bank had a change of Owner, the founder of the company setup another company called Papaya who are a Card issuer here in Malta.  Med bank do not have a Credit rating !!

Just emphasising a piece of related information:

Expat savers be aware that only the € currency deposits are covered by the government bank saving protection scheme! I agree it makes little sense but better be aware and act prudently.

Rose and I are currently taking advantage of the 'attractive' 3% interest rate (in Euro's of course)

are you sure that is correct - I have a clear statement for my sterling deposits here that they are covered - am not with med bank though

with all due respects people fire away a lot of misinformation, which I think the blog administrator should question or at least go to the source and seek clarification.

to answer queries below :-

@scubaboy - former owners have no longer any connection with present Bank set-up. So it's not fair to bring something up about a person who has nothing more to do with Med Bank now and it's within his rights to set up a new business elsewhere.  Present owners have been there since 2009 and have grown the business to its present levels.
- no bank in Malta is rated except BOV, so that doesn't make the other banks bad.  They are strictly regulated by the MFSA, Central Bank and the EU and have to adhere to strict capital and liquidity ratios and that includes Med Bank.

@new horizonz - you are wrong the Depositor Compensation Scheme covers all european currencies and that includes sterling and euro.  So Toonarmy9752 is right that his sterling deposit is covered.

raycall wrote:

with all due respects people fire away a lot of misinformation, which I think the blog administrator should question or at least go to the source and seek clarification.

to answer queries below :-

@new horizonz - you are wrong the Depositor Compensation Scheme covers all european currencies and that includes sterling and euro.  So Toonarmy9752 is right that his sterling deposit is covered.

When I opened my own account at the said bank, I asked the Customer Relations Manager this question and what I quoted was the answer I got.
So, I heard it from 'the horse's mouth'. Tell me, no tell us what's your qualification or information source before you tell me I am wrong?

The legal position

http://www.compensationschemes.org.mt/p … aspx?id=21

Situation 1B - Savings Account

Mr A has deposited €16,300, £10,000 and U.S.$80,000 in three savings accounts with a bank, with which he has no outstanding loans. The bank suspends payments. Mr A is entitled to receive compensation of €16,300 and £10,000. He is not entitled to compensation for amounts held in dollars.

i questioned my bank regarding this and have my answer in black and white (quite appropriate really) for sterling and euros

Along with your bank account in Danish Krone TA

YOU GOT ME THERE - A BIT SLOW THIS MORNING

all currencies in EU are covered :-)

I will squeeze 'the horse' next time and see why I was misinformed..... This  might be news for them too ))

OK?