Cap. 575 Art. 2Interpretation.  Cap. 345. 2 [CAP.  Cap. 330. 575. 3 4 [CAP.    Cap. 330.

In this Act, unless the context otherwise requires:

"Accountant General" means the Accountant General of the Government of Malta;

"auction" means a public invitation for submission of sealed bids or through electronic submissions for stock or securities issued by the Government of Malta, in such manner as the Minister may direct;

"buyback" means the purchase of the Government of Malta debt security by the Government of Malta in the open market;

"Central Government Debt" refers to the debt of the Central Government but excludes Extra Budgetary Units;

"Central Securities Depository" has the same meaning as is assigned to it by article 2 of the Financial Markets Act;

"claims", in respect of Government securities and any debt instruments, include both the principal repayment and the interest due if any on the said securities and any debt instruments;

"Committee" means the Public Debt Management Advisory Committee established by article 68;

* See Legal Notice 216 of 2017. AND MANAGEMENT OF PUBLIC DEBT 575.

"competent authority" means the Malta Financial Services

Authority established by the Malta Financial Services Authority Act;

"Consolidated Fund" has the same meaning as is assigned to it by article 102 of the Constitution of Malta;

"Constitution" means Constitution of Malta;

"conversions and switches" mean an exchange of one security for another security at any time;

"credit line" means a commitment made in advance by a credit institution to grant on demand to the Government of Malta up to a prescribed amount and subject to agreed terms and conditions;

"debt instrument" means a non-negotiable government debt instruments including Retail Savings Bonds of the Government of Malta issued under this Act or any Act of Parliament for defining and registering the indebtedness of the Government of Malta to lenders;

"debt security" means negotiable government debt security including T-Bills, Stocks, Registered Stocks and other negotiable debt securities issued under this Act or any Act of Parliament for defining and registering the indebtedness of the Government of Malta to lenders;

"deficit" means an excess of Government expenditure over revenue;

"Directorate" means the Debt Management Directorate established by article 64;

"exceptional circumstances" has the same meaning as in the Fiscal Responsibility Act;

"Government" means the Government of Malta unless otherwise specified;

"Government General Account" includes all the accounts held in the name of Government of Malta but excludes departmental accounts held with the Central Bank of Malta;

"holder", in relation to any debt security means any natural or legal person in whose name or names the debt security is entered or registered in the register. In relation to any debt instruments, holder means any natural person in whose name or names the debt instrument is entered or registered in the register;

"loan" means the raising of money: by the issue and sale of "registered stock" or "stock" or other debt security with a maturity of more than one year issued by the Government of Malta, by the issue of debt instrument, and by entering into any bilateral agreement between the Government of Malta and the Government of any other country, multilateral institutions, or from any local banks, or with any international or foreign organisation, fund or other institution;

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

"Minister" means the Minister responsible for finance;

"offering circular" means a circular to be issued by the Treasury Department to announce the issuance of debt securities with maturity above one year and to specify amongst others the sum of money to be raised, the mode or modes of raising such debt securities; the coupon interest payable on these securities; the date or dates when the interest on the securities shall be payable; the settlement date; the date of redemption of the debt security and the governing law;

"pre-financing" means the procedure in which the Government of Malta floats a second stock in order to pay off the first stock at the maturity date;

"prepayment" means paying an outstanding loan of the central government prior to its maturity, including the repayment of a loan, and to repurchase or exchange of securities of the Government of Malta from the open market;

"public debt" has the same meaning as is assigned to it by article 106 of the Constitution of Malta;

"public entity" refers to any Government Foundation, Statutory entity and other organisation in which the Government holds 51 per cent in ownership or over which the Government has effective control or where 51 per cent or over of its income comes from public monies or from monies it receives by virtue of any law;

"publication" means that the Accountant General may make use of any media available to disseminate the information to the market including but not limited to the Treasury Department website, the Gazette and the stock exchange;

"Register" means the Treasury Department's Register of holders of stock, other government debt securities and debt instruments as maintained in accordance with article 31;

"registered stock" or "stock" means Government of Malta stock with maturity exceeding one year issued under the provisions of this Act and whose nominal value is registered in the name of the owner in the register; AND MANAGEMENT OF PUBLIC DEBT 575.

"Registrar" means the Treasury Department or the Treasury Department's designated Registrar;

"Resolution Committee" means the Committee established within the Malta Financial Services Authority through the Malta

Financial Services Authority Act and which is responsible for the resolution of credit institutions and investment firms;

"sinking fund" means a sinking fund established in terms of article 58;

"Treasury bill" means a short-term debt security with a maturity of one year or less issued typically at a discount from face value.

Part II

Scope