DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE ISSUE OF €1,078,200 7% MALTA GOVERNMENT STOCK, 2033 (II)

DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE

ISSUE OF €1,078,200 7% MALTA GOVERNMENT STOCK,

2033 (II)

SUBSIDIARY LEGISLATION 575.09

DIRECTIVE BY THE MINISTER FOR FINANCE FOR

THE ISSUE OF €1,078,200 7% MALTA GOVERNMENT

STOCK, 2033 (II)

23rd June 2023

LEGAL NOTICE 122 of 2023.

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 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

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

share and shall be allotted to the Foundation for Church Schools in

multiples of hundred euro (€100) on the 30th June 2023.

(1)

Interest in full shall be payable in arrears every six

(6) months on the 30th June and on the 30th December in every year

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

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 such warrant. No warrant shall be paid until the

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

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 (1) or two (2) or more joint stockholders shall, unless

notice in writing to the contrary has been received by the Accountant

DIRECTIVE BY THE MINISTER FOR FINANCE FOR THE

ISSUE OF €1,078,200 7% MALTA GOVERNMENT STOCK,

2033 (II)

General from any other joint stockholder, be a 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 such 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 2033

and the 31st December 2033, both dates inclusive, as shall be

determined by the Accountant General and notified in the Gazette.