Malta Government Stock, 2032 (V)

L.N. 189 of 2022

ECCLESIASTICAL ENTITIES (PROPERTIES) ACT

(CAP. 358)

GOVERNMENT BORROWING AND MANAGEMENT OF

PUBLIC DEBT

(CAP. 575)

Directive by the Minister for Finance for the issue of €677,400 7%

Malta Government Stock, 2032 (V)

IN EXERCISE of the powers conferred by article 7 of the

Ecclesiastical Entities (Properties) Act and by article 28 of the

Government Borrowing and Management of Public Debt Act, and by

virtue of the Agreement entered into between the Holy See and Malta,

signed on the 28 th November, 1991, and reproduced in the Schedule to

the Ecclesiastical Entities (Properties) Act, the Minister for Finance

and Employment, has authorised that the sum of €677,400 7% Malta

Government Stock be created and issued directly to the Foundation for

Church Schools as follows:-

The issuance of this stock is subject to the terms and Collection

conditions of the approved model Collective Action Clauses (CACs), Action

(CACs).

which became mandatory in all new euro area government securities

with maturity above one (1) year issued on or after 1 st January 2013,

pursuant to the decision of the European Council of the 24 th and 25 th

March 2011, and in accordance with paragraph 3 of Article 12 of the

European Stability Mechanism (ESM) Treaty. The full terms and

conditions of the model Collective Action Clauses (CACs) are

published on the Treasury website at www.treasury.gov.mt under the

section reserved for the Debt Management directorate.

The Stock which is negotiable and free of duty on Mode of issuing

documents shall be issued at the price of €100 per cent and shall be stock.

allotted to the Foundation for Church Schools in multiples of €100 on

the 22 nd June 2022.

(1) Interest in full will be payable in arrears every six (6) Rate of interest

months on the 22 nd June and on the 22 nd December in every year and

payment.

during the currency of the Stock. The rate of interest shall be revised

upon the lapse of every period of two (2) years, starting from the date

of emission of such stock, in such a way as to maintain it at 1% lower

than the normal maximum lending rate allowed at law, it being

understood that it cannot fall below 7%.

(2) Payment of interest will be made by warrant, which is sent

by post at the stockholder’s risk to the stockholder himself or to any

branch of any local bank, person or body of persons to whom the

stockholder has by a request in writing authorised the Accountant

General to issue such warrant. No warrant shall be paid until the

relative receipt has been duly signed and such receipt shall be a full

discharge to the Accountant General and the Government for such

payment.

(3) In cases where Stock is registered in the names of two (2)

or more persons as joint stockholders, the Accountant General may

make payment in the manner above-mentioned to the person whose

name first appears in the register. A receipt for the payment of interest

given by one or two or more joint stockholders shall, unless notice in

writing to the contrary has been received by the Accountant General

from any other joint stockholder, be a full discharge to the Accountant

General and the Government for the payment of such interest.

An application for the Stock to be put on the official list for

trading on the Malta Stock Exchange will be made in terms of the

Financial Markets Act. Such stock may be freely sold to the public

with the prior authorisation of the Maltese Episcopal Conference. Such

Stock may however be traded between Ecclesiastical Entities outside

the Malta Stock Exchange, does not require such authorization, and

shall be exempt from duty on documents.

The Stock and interest thereon shall be a charge on the

general revenue and assets of the Government of Malta.

The Stock shall be redeemed at a premium of 10% over the

nominal value on such date between the 1 st January 2032 and the 31 st

December 2032 (both dates inclusive) as shall be determined by the

Accountant General and notified in the Gazette.

€0.18