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Government Borrowing and Granting of Loans to the Hellenic Republic Act (Cap. 502) Consolidated

CHAPTER 502

GOVERNMENT BORROWING AND GRANTING OF LOANS TO THE HELLENIC REPUBLIC ACT

To authorise and regulate the raising of loans for the purpose of entering into re-lending agreements with the Hellenic Republic.

13th July, 2010*

ACT III of 2010, as amended by Act XVIII of 2011.

1. The short title of this Act is the Government Borrowing and Granting of Loans to the Hellenic Republic Act.

2. In this Act, unless the context otherwise requires -

"Consol idated Fu nd" has th e sa me mean ing assig n ed u nder article 124 of the Constitution;
"the European C o mmission" me ans the Commission of the
European Community;
"Intercreditor Agreement" means the agreement entered into in Brussels on the 8th May 2010, between the Euro Area Member States and the European Commission regarding pooled bilateral loans by Euro Area Member States to the Hellenic Republic, which agreement is reproduced in the Third Schedule. The ag reem ent being reproduced is in the English language;
"Loan Facility Agreement" means the agreement entered into in Brussels on the 8th May 2010, which is reproduced in the First Schedule, approved by the Euro Area Member States in pursuance of a decision of the Council of the European Union providing for the lending of money to the Hellenic Republic, as amended by the agreement entered into in Brussels on the 14th June, 2011, which agreement is reproduced in the Second Schedule. Both agreements being reproduced are in the English language;
"Malta" has the same meaning assigned to it by article 124 of the
Constitution of Malta;
"Minister" means the Minister responsible for finance.

3. (1) Subject to the provisions of this Act, the Government of Malta may, for the purposes of article 4, borrow sums of money in Malta, for an amount which in total do not exceed thirty million

Euro an d such oth e r sum s of money as t h e H ouse of
Representatives may from time to time by resolution authorise.
(2) For the purpose of raising the aforesaid sums of money by way of loan, the Minister is hereby authorised to borrow the said sums of money on such terms and subject to such conditions as the said Minister may approve under the provisions of the Local Loans (Registered Stock and Securities) Ordinance, in order to issue stock in Malta:
Provided that the Minister may also when he deems it

Short title.

Interpretation. Amended by: XVIII. 2011.5.

Authority to raise loan.

Cap. 161.

*See article 1(2) of the Act as originally enacted, and Legal Notice 360 of 2010.

expedient to do so for reasons of urgency, authorise the temporary use of funds from the Consolidated Fund in order to meet t h e financing requirements of the Loan Facility Agreement and the Intercreditor Agreement until such tim e as the proceeds of the borrowing referred to in article 3 shall be obtained.

Purpose of loans. 4. (1) Notwithstanding any other provision of the law, any m o n e y b o rrow ed und er the auth ority of t h is Act shall be appropriated and applied for the purpose of entering into re-lending agre ements , con c lude d bet w ee n the Governmen t of Malta, as lender, and the Hellenic Republic, as borrower, for an identified amount, in pursuance and within the framework of a Loan Facility Agreement and in pursuance of an Intercreditor Agreement.

(2) The re-lending of money borrowed in terms of this Act for any purpose other than the purpose specified under sub-article (1) may on ly b e d o n e in su ch manner and for such purpose as the House of Representatives may by resolution determine.
FIRST SCHEDULE Added by: XVIII. 2011.5,
Loan Facility Agreement entered into in Brussels
on the 8th May, 2010




































SECOND SCHEDULE Added by: XVIII. 2011.5,
Loan Facility Agreement entered into in Brussels
on the 14th June, 2011
















THIRD SCHEDULE Added by: XVIII. 2011.5,
Intercreditor Agreement entered into in Brussels
on the 8th May, 2010