DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE ISSUE OF €641,500 7% MALTA GOVERNMENT STOCK, 2036 (II)

ISSUE OF €641,500 7% MALTA GOVERNMENT STOCK,

2036 (II)

SUBSIDIARY LEGISLATION 358.07

DIRECTIVE BY THE MINISTER FOR FINANCE FOR

THE ISSUE OF €641,500 7% MALTA GOVERNMENT

STOCK, 2036 (II)

15th May, 2026

LEGAL NOTICE 149 of 2026.

The issuance of this stock is subject to the terms and

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

which became mandatory in all new euro zero government securities

with maturity period above one (1) year, and 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) 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

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

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

one hundred euro (€100) on the 21 st of May 2026.

(1)

The interest in full shall be payable in arrears

every six (6) months on the 21 st of May and on the 21 st of November

of every year 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 means of 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

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

ISSUE OF €641,500 7% MALTA GOVERNMENT STOCK,

2036 (II)

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 accordance

with 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 however 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 such date between the 1 st January

2036 and the 31 st December 2036, both dates inclusive, as shall be

determined by the Accountant General and notified in the Gazette.