7% Malta Government Stock, 2034 (II)

L.N. 167 of 2024

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 €1,119,000

7% Malta Government Stock, 2034 (II)

IN EXERCISE of the powers conferred by articles 6 and 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 28th November, 1991 and reproduced in the Schedule to

the Ecclesiastical Entities (Properties) Act, the Minister responsible

for finance has authorised that the sum of one million and one hundred

and nineteen thousand euro (€1,119,000) Malta Government Stock at

seven per cent (7%) be issued in the name of the Ecclesiastical

Entities 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 zone government securities

with the maturity period above one (1) year, and issued on or after 1st

January 2013, pursuant to the decision of the European Council of the

24th and 25th 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) in all their detail are on the Treasury website at

www.treasury.gov.mt under the section reserved for the Debt

Management Directorate.

The stock which is negotiable and exempt from duty on Mode of issuing

documents shall be issued at the price of one hundred euro (€100) per stock.

share and shall be allotted to the Ecclesiastical Entities in multiples of

one hundred euro (€100) on the 31st July 2024.

(1) The interest in full shall be payable in arrears every Rate of interest

six (6) months on the 31st July and on the 31st January of every year and

payment.

during the period of the stock. The rate of interest shall be revised

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

issuance of the stock, in such a way as to maintain it at one per cent

(1%) lower than the normal maximum lending rate allowed at law,

provided that it cannot be less than seven per cent (7%).

(2) Payment of interest shall 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 the said warrant. No warrant shall be paid until the

relative receipt has been duly signed and such receipt shall be proof of

payment in favour of the Accountant General and the Government.

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

more persons as joint stockholders, the Accountant General may effect

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 (1) or two (2) 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 proof of payment of interest to the

Accountant General and the Government.

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

trading on the Malta Stock Exchange shall 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 which may also be traded between Ecclesiastical Entities outside

the Malta Stock Exchange, does not require the said authorisation, 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 ten per cent

(10%) over the nominal value on a date between the 1st January 2034

and the 31st December 2034, both dates inclusive, as shall be

determined by the Accountant General and notified in the Gazette.

€0.18