The Planning Authority and Bank of Valletta have formalised a new Memorandum of Understanding that they said, strengthens collaboration and enhances efficiency in verifying planning compliance during property due diligence and credit assessment processes.

The agreement sets out a clear operational framework guiding how Compliance Certificates issued by the Planning Authority under Article 102 of the Development Planning Act (Chapter 552) will be recognised and used by Bank of Valletta.

Under this MOU, BOV said it may fully rely on PA-issued Compliance Certificates that are not more than three months old, ensuring clarity for clients and reducing the need to provide supplementary planning documentation unless required by law.

A valid Compliance Certificate confirms that the property is structurally completed and in accordance with the approved development permission and drawings, subject to any declared exemptions or concessions.

To support the smooth implementation of this framework, the Planning Authority will provide BOV with written clarifications when required and will grant the Bank secure digital access to view Compliance Certificates and attached documents online.

The Bank said that this measure eliminates the need for customers to produce physical copies of certificates and ensures greater consistency and transparency.

The agreement signed today does not amend any statutory obligations of either party but introduces a practical structure that benefits customers, professionals, and the wider property sector, the Bank said.

The new MOU underscores the importance of cooperation between national institutions and the financial sector in ensuring a smoother and more reliable property process. The Planning Authority and Bank of Valletta look forward to implementing the agreement and reinforcing their shared goal of improving service quality for clients and practitioners across the industry.

Photo: BOV

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