DIRECTIVE BY THE MINISTER FOR FINANCE, FOR THE ISSUE OF €260,500 7% MALTA GOVERNMENT STOCK 2028 (III)

ISSUE OF €260,500 7% MALTA

GOVERNMENT STOCK 2028 (III)

SUBSIDIARY LEGISLATION 575.03

DIRECTIVE BY THE MINISTER FOR FINANCE, FOR

THE ISSUE OF €260,500 7% MALTA GOVERNMENT

STOCK 2028 (III)

6th July, 2018

LEGAL NOTICE 215 of 2018.

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 area government securities

with maturity above one 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

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

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

the 13 th July 2018.

(1)

Interest in full will be payable in arrears half-

yearly on the 13 th January and on the 13 th July in every year during

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

the lapse of every period of two 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 authorized 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 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.

ISSUE OF €260,500 7% MALTA

GOVERNMENT STOCK 2028 (III)

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 authorization 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 will 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 2028 and the

31 st December, 2028 (both dates inclusive) as shall be determined by

the Accountant General and notified in the Gazette.