Government Notices published in Government Gazette No. 21,060 of 26th May 2023

It is notified for general information that the Prime Minister has approved the appointment of the Board of the Foundation for Social Welfare Services, as follows:

President

Mr George Borg

Members

Mr Emanuel k/a Noel Abela

Mr Anthony Agius Decelis

Dr Karen Carachi

Ms Marietta Cassar

Ms Trischa Falzon

Ms Rhoda Garland

Ms Amanda Grech

Mr Saviour Grima

Ms Shirley Pulis Xerxen

Mr Stephen Rizzo

These appointments are for a period of one year with effect from 23rd May, 2023.

THE Minister for Home Affairs, Security, Reforms and Equality has the pleasure to approve the promotion of the undermentioned Officers to the rank of Captain with effect from the date as shown against their names.

Lieutenant Clayton Gomez Blanco    9th May, 2023

THE Minister for Home Affairs, Security, Reforms and Equality has the pleasure to approve the promotion of the undermentioned Officers to the rank of Major with effect from the date as shown against their names.

Appointment of Legal Aid Lawyers

IT is notified for general information that, in terms of Article 89 of Chapter 12 of the Laws of Malta, the Minister for Justice appointed the hereunder lawyer as Legal Aid Lawyer for civil and criminal matters, for the period between 1st June, 2023 and 31st December, 2023, both days included.

MALTA

Dr Wilfrid Buttigieg, LLD

Appointment of Official Curators

IT is notified for general information that, as per Article 89 of Chapter 12 of the Laws of Malta, the Minister for Justice appointed the following as Official Curator for the period between 1st June, 2023 and 31st December, 2023, both days included.

MALTA

Dr Wilfrid Buttigieg, LLD

IT is notified for general information that Dr David Anthony Bonello, LLD, will be resigning from Official Curator and Advocate for Legal Aid (Malta) with effect from 1st July, 2023.

THE Permanent Secretary in the Ministry for Finance and Employment, has approved the following acting appointment:

THE Permanent Secretary in the Ministry for the Economy, European Funds and Lands has approved the following acting appointment:

OFFER OF ROLLOVER TO BONDHOLDERSOF 62+ MALTA GOVERNMENT SAVINGS BOND – ISSUE 2018AT THE RATE OF 3% PER ANNUM TO A NEW 62+ MALTA GOVERNMENTSAVINGS BOND - ISSUE 2023AT THE RATE OF 3.60% PER ANNUM

Summary of the main terms of the Rollover

The following summary must be read as an introduction to this prospectus and any decision to participate in this Rollover is based on consideration of the prospectus as a whole by the investor. The Prospectus deals with the terms of the Rollover as well as the terms of the New Bond that will be created as a result of this Rollover.

Name of Issuer:Government of Malta;

Brief description of the Rollover:On the date of maturity of the 62+ MGSB – Issue 2018 set for the 19th of June 2023, the maturing Bond will be converted into a new 62+ MGSB – Issue 2023 upon the assent of the Existing Bondholders. The New Bond shall be issued with the same terms and conditions of the Maturing Bond save for the annual interest rate which shall be 3.60% per annum.  

Terms of the Exchange: For every €100 nominal of the Maturing Bond will be exchanged for €100 nominal of the New Bond.

Who can participate in the Rollover?  Existing Bondholders of the 62+ MGSB – Issue 2018 whose name appear on the bond register at close of business of Friday the 26th of May 2023 (the cut-off date) are eligible to rollover the same nominal amount in the New Bond.

Amount that can be rolled over: The full nominal amount held in the 62+ MGSB – Issue 2018.

Summary of the main terms of the New Bond to be created from the Rollover

Title of the Bond: 62+ Malta Government Savings Bond (MGSB) – Issue 2023.

ISIN Number: MT4000010077.

Type of the new Bond: Fixed rate Bond.

Term: 5 Years.

Interest rate (coupon): The rate of interest of the 62+ Malta Government Savings Bond - Issue 2023 is 3.60% per annum.

Non-Transferable and non-negotiable debt Instrument: The 62+ Malta Government Savings Bond – Issue 2023 cannot be negotiated, assigned or transferred onto any other individual or legal person and cannot be pledged.

When is the interest paid? The interest will be payable semi-annually in arrears on the 19th of June and the 19th of December during the tenor of the Bond unless the sum invested is withdrawn before. The first semi-annual interest payment will be made on the 19th of December 2023.

What amount can one invest in the New Bond? The existing bondholders who opt for the Rollover must agree to rollover the full amount of their holding in the 62+ MGSB – Issue 2018 and shall not be allowed to apply for any amount of the New Bond exceeding or below in value the nominal amount of the Maturing Bond.

How can one invest in the New Bond? Eligible applicants shall receive by post a prescribed Application Form from the Accountant General.  Bondholders electing to rollover their holdings are to sign the Application Form and send it to the Registrar in the self-addressed envelope provided. The postage is paid by the Treasury Department and therefore there is no need to affix a postage stamp on the envelope. The Application Form is to arrive not later than Tuesday the 6th of June 2023.

Maturity:The 62+ Malta Government Savings Bond – Issue 2023 shall be repaid at par on 19th of June 2028.

What happens at the end of the investment term? The Malta Government Savings Bond – Issue 2023 is a special issue and therefore there is no guarantee that another 62+ Malta Government Savings Bond issue will be available when the Bond is repaid.

Terms and Conditions

1. Application and Interpretation

(a) The 62+ Malta Government Savings Bond - Issue 2023 to be created from the Rollover is a retail debt instrument offered by the Accountant General under the Government Borrowing and Management of Public Debt Act (Cap. 575 of the Laws of Malta) and is subject to the Malta Government Retail Savings Bonds Regulations (the Regulations) as amended or re-enacted from time to time;

(b) This prospectus is being published in accordance with article 25 (3) of the Government Borrowing and Management of Public Debt Act and regulation 4 of the Regulations. This prospectus in conjunction with the Government Borrowing and Management of Public Debt Act and Malta Government Retail Savings Bonds Regulations shall govern this issuance.

2. Definitions

In these terms and conditions:

(a) “Accountant General" means the Accountant General of the Government of Malta who heads the Treasury Department;

(b) “Bondholder" means any individual in whose name the Bond is entered in the register;

(c) “New Bond" for the purpose of this prospectus means the 62+ MGSB – Issue 2023 that will be created in exchange for the existing 62+ MGSB – Issue 2018;

(d) “Business day" means a day other than a Saturday, a national or public holiday listed in articles 2 and 5(1) of the National Holidays and other Public Holidays Act, a bank holiday as declared under article 3(2)(b) of the Banking Act, or a day when the Trans-European Automated Real-time Gross settlement Express Transfer System (TARGET), owned and operated by the Eurosystem, is closed for business as may be published on the European Central Bank's website: (www.ecb.europa.eu);

(e) “Eligible Applicants" for the purpose of this prospectus means all individuals whose name appeared on the register of the 62+ MGSB – Issue 2018 at close of business of Friday the 26th of May 2023 (the Cut-Off Date);

(f) “Claims" in respect of the 62+ Malta Government Savings Bond - Issue 2023 include both the principal repayment and the interest due if any, on the said 62+ Malta Government Savings Bond – Issue 2023;

(g) “Maturing Bond" is the 62+ MGSB – Issue 2018 (ISIN 4000010036) issued under Prospectus 648 published in the Government Gazette of the 29th of May 2018 which will be redeemed on the 19th of June 2023;

(h) “Maturity date" is the date when the Bond falls due for repayment;

(i) “Registration Manager" means (i) the financial institution appointed by the Accountant General in terms of Article 24(2) to manage the Rollover on behalf of the Treasury;

(j) “Regulations" the word regulations in this prospectus means the Malta Government Retail Savings Bonds Regulations;

(k) “Rollover" In this prospectus means the mechanism by which the 62+ MGSB – Issue 2018 maturing on the 19th of June 2023 shall be converted to the new 62+ MGSB – Issue 2023 on a voluntary basis.

3. Offer of Rollover of the 62+ MGSB – Issue 2018

(a) The Accountant General invites bondholders of the maturing 62+ Malta Government Savings Bond (MGSB) – Issue 2018 to rollover all their holdings into a new 62+ Malta Government Savings Bonds – Issue 2023 (New Bond) with effect from the 19th of June 2023;

(b) The rollover of holdings of the maturing Bond shall take place on the condition that the Bond is free from all liens and charges and with all the rights now or hereafter attached to it;

(c) Bondholders who do not wish to rollover their holdings are not required to do anything and will receive the whole redemption proceeds on the scheduled maturity date of the 19th of June 2023;

(d) On the redemption date of the maturing Bond, the Treasury shall redeem all the nominal amounts of the 62+ MGSB – Issue 2018.  The portion from the maturing Bond that will be rolled over consisting of applicants who volunatary assent to the Rollover, will be converted into the new Bond, the 62+ MGSB – Issue 2023.  The remaining portion consisting of bondholders who opt out from the Rollover will be repaid to these bondholders in their bank account (IBAN) held in the register of the Malta Stock Exchange.

4. Eligibility

(a) The eligible applicants who can rollover the maturing proceeds in the New Bond are the existing bondholders of the 62+ MGSB – Issue 2018 whose name appear on this bond register at close of business of Friday the 26th of May 2023 (the Cut-Off Date);

(b) The eligible bondholders must agree to rollover the full amount of their holding and shall not be allowed to apply for any amount of the New Bond exceeding or below in value the nominal amount held in the Maturing Bond.

5. Terms of the Bond Exchange

Every €100 nominal of the Maturing Bond will be exchanged for €100 nominal of the New Bond such that bondholders electing to rollover their holdings shall be allocated the same nominal value they held in the 62+ MGSB – Issue 2018 in the new 62+ MGSB - Issue 2023.

6. Investment Terms of the New Bond

(a) With effect from the 19th of June 2023, the nominal amounts resulting from the rollover shall be converted in a New Bond, the 62+ MGSB – Issue 2023;

(b) The 62+ MGSB – Issue 2023 will earn interest at a fixed rate of 3.60% per annum for the whole five-year term of the Bond.  The term of the Bond starts on the date of issuance which is the 19th of June 2023 (issue date) up to the last day which immediately precedes the date of the maturity of the Bond set for the 19th of June 2028.

7. Non- Transferability

The New Bond or any interest thereon may not be transferred or assigned to any other individual or legal person or pledged, in whole or in part.  There will be no secondary trading market for the Bond. 

8. Appointment of the Registration Manager

The Malta Stock Exchange p.l.c (MSE) having its registered office at Garrison Chapel Castille Place Valletta (C.42525) has been appointed as the Registration Manager to manage the Rollover on behalf of the Treasury. 

9. Arrangements for the Rollover – Closing Date for the submission of the Application Form

(a) The Accountant General shall send a prescribed Application Form to all the bondholders of the Maturing Bond whose name appeared on the register at close of business of Friday 26th of May 2023 (the cut-off date); 

(b) The Application Forms shall include, inter alia, the nominal amount held in the 62+ MGSB – Issue 2018, the MSE account number, name, surname and address of the applicant;

(c) Bondholders who wish to rollover their holdings shall sign the Application Form and send it to the Registrar in the self-addressed envelope provided with the Application Form. The postage is paid by the Treasury Department and therefore there is no need to affix a postage stamp on the envelope;

(d) The Application Form duly signed is to be received by the Registrar by not later than Tuesday the 6th of June 2023;

(e) All applications will be irrevocable after the closing time;

(f) The Accountant General acting through the Registration Manager has the right to reject any application if the applicant has failed to comply in a material manner with the terms and conditions contained in this prospectus.

10. Allocation Policy

Bondholders of the Maturing Bond electing to roll over their holdings shall be allocated the same nominal amount in the New Bond.

11. Interest payments and interest payment dates

(a) The interest will be paid semi-annually in arrears of the 19th of June and the 19th of December in every year during the tenor of the Bond at the rate of 1.80% calculated on the nominal amount of the Bond;

(b) The first semi-annual interest payment at the rate of 1.80% covering the period from the 19th of June 2023 (issue date) up to the 18th of December 2023 (both dates inclusive) shall be paid on the 19th of December 2023;

(c) If an interest payment date falls on a non-business day, payment will be made on the succeeding business day without payment of additional interest.

12. Method of payment of interest and repayment of principal of the New Bond

(a) The settlement of all types of payments linked to this Bond, including:

(i) semi-annual interest payments;

(ii) early repayment of principal; and

(iii) redemption of the Bond on its maturity date,

shall be made by direct credit transfer through the Single Euro Payments Area (SEPA) scheme in the latest IBAN held in the 62+ MGSB – Issue 2018 register as at cut-off date. The IBAN may be subsequently changed by giving notice in writing to the Central Securities Depository (CSD) of the Malta Stock Exchange;

(b) The Treasury does not charge for sending payments; however, the beneficiary's bank could charge a fee to receive the funds when these exceed certain amounts. The Accountant General shall not be held responsible for any bank charges arising in connection with any payment in respect of this Bond.

13. Tax

(a) The interest earned from the 62+ Malta Government Savings Bond - Issue 2023 is taxed in accordance with the investment income provisions of the Income Tax Act (Cap. 123 of the Laws of Malta);

(b) The tax election in respect of the New Bond shall be the latest tax election registered in the 62+ MGSB – Issue 2018 register as at cut-off date. The tax election may be subsequently changed by giving notice in writing to the Central Securities Depository (CSD) of the Malta Stock Exchange;

(c) Every year, the Accountant General will (i) render an account to the Maltese Commissioner for Revenue of all amounts of interest paid and tax deducted as well as the identity of the recipient and (ii) will inform the Maltese Commissioner for Revenue of all interest paid gross and of the identity of all such recipients.

14. Early redemptions and cancellation

(a) Bondholders may withdraw the whole amount invested in the 62+ Malta Government Savings Bond - Issue 2023 before the maturity date of the Bond subject to the payment of a penalty for early redemption in terms of paragraph 16 below. No application for a partial withdrawal from individual's holding will be entertained during the life of the Bond;

(b) Applications for early redemptions shall be made on the prescribed form which can be downloaded from the Treasury's website and sent to the Treasury Department. The Accountant General will normally initiate the electronic transfer of funds within 30 days.  Typically, the early redemptions are payable on the 5th day of the month;

(c) Bondholders' requests for early redemptions are irrevocable and cannot be withdrawn after they are submitted to and received by the Accountant General;

(d) The Bonds which are redeemed before the maturity date of the Bond as specified in this paragraph and paragraph 17 will be cancelled.

15. Calculation of accrued interest on early redemption

(a) Where the bondholder withdraws the principal before the first interest payment date, the bondholder shall be entitled to interest from the issue date of the Bond up to the last day which immediately precedes the repayment date;

(b) Where a bondholder withdraws the principal before the maturity date but after the first interest payment date, the bondholder shall be entitled to interest from the last interest payment date up to the last day which immediately precedes the date when the repayment of principal is made.

16. Penalty for early redemption

(a) Except where sub-paragraph 17 (c) applies, a penalty equivalent to three (3) months gross interest on the principal withdrawn, at the interest rate the Bond is earning, i.e. 3.60% per annum, will be deducted from the repayment.  The formula for calculation and application of the penalty is as follows:

Penalty Amount = P x R x 3

                                   12

Where:  P is the principal amount withdrawn; and

               R the annual interest rate of 3.60% the Bond is earning.   

By way of example, a Bondholder who invested the maximum amount permissible of €8,000 who opts for early redemption of the Bond will incur a penalty of €72.00;

(b) If there is insufficient interest due in the current interest period to meet the early redemption charge, an adjustment to the principal being repaid will be made to meet the penalty. If a Bondholder encashes in the Bond within the first three months of its commencement, the Bondholder will get back less than originally invested.

17. Claim for encashment of the bond through transmission Causa Mortis

(a) Upon notification of the death of a Bondholder occurring before the maturity date of the bond, the account is put on hold.  The bond keeps earning interest until it is repaid to the beneficiaries of the deceased Bondholder through the transmission Causa Mortis procedure.  The encashment of the bond must comprise the full amount of the bond held by the deceased bondholder and the monies will be paid to the beneficiaries in accordance with the provisions of the will.  Claims for part encashment of the bond will not be entertained;

(b) The Bond held by the deceased is not transferable onto the beneficiaries of the deceased Bondholder. On payment of the principal to the beneficiaries of the deceased bondholder through the transmission causa mortis procedure, the account will be closed, and the bond will be cancelled; 

(c) No penalty will be charged where the Bond is repaid before maturity to the beneficiaries of the deceased Bondholder through the transmission causa mortis procedure.

18. Redemption of the 62+ Malta Government Savings Bond - Issue 2023

The 62+ Malta Government Savings Bond Issue - 2023 shall be redeemed at par on the 19th of June 2028.

19. Cut-off date for amendments in the register

The register shall be closed for a period of ten (10) days immediately preceding each date upon which the semi-annual interest on the bond falls due and no amendments such as, change of (i) address, (ii) tax option and (iii) bank accounts details, shall be made during this period.

20. Security

The principal and the interest payments thereon of the 62+ Malta Government Savings Bond – Issue 2023 will be a charge on the consolidated fund and other public funds of the Government of Malta.

21. Registration advice and other statements

On registration, 62+ Malta Government Savings Bond - Issue 2023 Bondholders will receive a registration advice from the Malta Stock Exchange (MSE) through normal post or through the MSE's internal electronic system managed by the MSE.

As soon as the bondholders receive the registration advice from the MSE they should examine it carefully and report any errors or omissions to the Accountant General as soon as possible. It is the responsibility of the Bondholder to ensure that the registration advice and other correspondence received in connection with 62+ Malta Government Savings Bond – Issue 2023 are kept safely.

22. Prescription

Claims in respect of the 62 + Malta Government Savings Bond – Issue 2023 issued under this prospectus will become prescribed unless presented for payment within six years from the maturity date of the Bond.

23. Data protection clauses

The Accountant General guarantees that any personal data the bondholder may provide in the Application Form will be processed in accordance with the requirements of the Data Protection Act (Cap. 586 of the Laws of Malta) and the EU legislation on Data Protection - GDPR (Regulation (EU) 2016/679) in force at the time of data processing.

Personal data collected in the application form will be retained by the Accountant General for six years after the maturity date of the 62+ Malta Government Savings Bond – Issue 2023. However, data required to satisfy judicial or administrative authorities will be held for the period stipulated in the respective Acts and other relevant legislation.

Moreover, the personal data of a bondholder as submitted in the application form will be passed on to the Registration Manager appointed by the Accountant General to manage the Rollover of the 62+MGSB Issue - 2018 on his behalf as well as to the Registrar authorised to maintain the register on his behalf. The personal data will be subject to the Registration Manager's and the Registrar's data protection policy.

24. Governing Law

The relevant legislation under which this Bond is being issued are (a) The Budget Measures Implementation Act (Cap. 634 of the Laws of Malta); (b) The Government Borrowing and Management of Public Debt Act (Cap. 575 of the Laws of Malta); and (c) the Malta Government Retail Savings Bonds Regulations.

25. Jurisdiction

Exclusive place of jurisdiction for any legal proceedings arising under the 62+ Malta Government Savings Bond – Issue 2023 is Malta.

26. Contact Details

Investors can obtain further information on the Rollover and on other Government Securities by contacting the Treasury Department through one of the below listed contact details:

Address: Treasury Department, Development House, Level 2-3, St. Anne Street, Floriana.

Telephone: 2596-7125

E-mail: treasury.malta@gov.mt

Website: (www.treasury.gov.mt)

Completion of Road Formation and Traffic and Parking Suspension

In virtue of Article eighteen (18) of Legal Notice 291 of 2018, the Agency for Infrastructure Malta hereby gives official notice of its intention to complete the formation of:

Triq l-Industrija and part of Triq San Nikola, Ħal Kirkop (indicated on site plan 5830).

Triq San Pietru, Ħal Kirkop (indicated on site plan 5831).

Part of Triq il-Kostituzzjoni and part of Pjazza 16 ta' Settembru, Mosta (indicated on site plan 5832).

Part of Triq il-Kungress Ewkaristiku, Mosta (indicated on site plan 5833).

Any person who is obliged by law to form said road (including by acquiring land necessary for the same formation) has fifteen (15) days from the date of the publication of this notice within which to comply with his obligations at law. In default, the Agency for Infrastructure Malta shall itself proceed with the formation of this road in accordance with its powers at law and at the expense of those persons whose obligation it is to form the road.

The Agency for Infrastructure Malta notifies that between 12th June, 2023 and 29th December, 2023, it will be starting road works in Triq l-Industrija u part of Triq San Nikola, Ħal Kirkop. Vehicular access and on-street parking in this road may be restricted during certain works. 'No parking' signs authorised by Transport Malta will be affixed on site before such parking restrictions come in force.

The Agency for Infrastructure Malta notifies that between 12th June, 2023 and 29th December, 2023, it will be starting road works in Triq San Pietru, Ħal Kirkop. Vehicular access and on-street parking in this road may be restricted during certain works. 'No parking' signs authorised by Transport Malta will be affixed on site before such parking restrictions come in force.

The Agency for Infrastructure Malta notifies that between 1st June, 2023 and 29th December, 2023, it will be starting road works in part of Triq il-Kungress Ewkaristiku, Mosta. Vehicular access and on-street parking in this road may be restricted during certain works. 'No parking' signs authorised by Transport Malta will be affixed on site before such parking restrictions come in force.

 Vehicles found in contravention to the order of this notice and to the related 'No parking' signs on site are liable to be towed.

Further assistance or more information can be obtained by email to (info.im@infrastructuremalta.com).

THE Commissioner of Inland Revenue notifies that, on the date shown hereunder, the price of gold and silver on which valuations made by the Consul for Goldsmiths and Silversmiths are based has been fixed for the purposes of article 14 of the said Act as follows: