Home | Databases | WorldLII | Search | Feedback Maltese Laws

The Government Borrowing And Granting Of Loans To The Hellenic Republic Act, 2010 (Bill No. 52)

A BILL

entitled

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

BE IT ENACTED by the President, by and with the advice and consent of the House of Representatives, in this present Parliament assembled, and by the authority of the same, as follows:-

1. (1) The short title of this Act is the Government

Borrowing and Granting of Loans to the Hellenic Republic Act, 2010.
(2) This Act shall come into force on such a date as the Minister responsible for finance may by notice in the Gazette establish, and different dates may be so established for different provisions or different purposes of this Act.

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

"the European Commission" means the Commission of the
European Community;
"Loan Facility Agreement" includes any agreement 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, which agreement has been laid on the Table of the House of Representatives;
"Management Agreement" includes any agreement entered into 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 has been laid on the Table of the House of Representatives;

Short title and commencement.

Interpretation.

C 668
"Malta" has the same meaning assigned to it by article 124 of the Constitution of Malta;

Authority to raise loan.

Cap. 161.

Purpose of loans.

"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.

(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.

4. (1) Notwithstanding any other provision of the law, any money borrowed under the authority of this Act shall be appropriated and applied for the purpose of entering into re-lending agreements, concluded between the Government 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 a Management 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 only be done in such manner and for such purpose as the House of Representatives may by resolution determine.

Objects and Reasons

The object of this Bill is to authorise and regulate the raising of loans for the purpose of entering into re-lending agreements with the Hellenic Republic.