                   MALTA GOVERNMENT SAVINGS BANK      ġ CAP. 167.          1
CHAPTER 167 
MALTA GOVERNMENT SAVINGS BANK 
ORDINANCE
To regulate the deposit at interest of monies in the Malta Government
Savings Bank with the guarantee of the Government for the repayment
thereof.
(1st September, 1961) *
Enacted by ORDINANCE XXV of 1961, as amended by Act I of 1962;
Legal Notice 4 of 1963; and Acts: XXVIII of 1971, XXIX of 1979, XIII of
1983 and XVI of 1997.
Short title.
Savings Bank Ordinance.
Interpretation.
"Malta" has the same meaning as is assigned to it by section 124
of the Constitution of Malta;
"prescribed" means prescribed by regulations under this
Ordinance;
"revenue of the Savings Bank" does not include money received
on deposit;
"Savings Bank" means the Malta Government Savings Bank
constituted and established under section 3 of this Ordinance.
Establishment of 
Savings Bank.
3. (1) From and after the commencement of this Ordinance
there shall be a Government Savings Bank in and for Malta and,
upon such commencement, the Malta Government Savings Bank
and all offices thereof subsisting at the time when this Ordinance
comes into force shall be deemed to be constituted and established
under this Ordinance.
(2) All deposits made, and all entries made in depositors’
passbooks, and all monies invested in securities remaining unsold
at the commencement of this Ordinance, and all other business
transacted in the Savings Bank prior to the commencement of this
Ordinance shall, so far as may be consistent with the provisions of
this Ordinance, be deemed to be deposits and entries made, monies
invested and Savings Bank business transacted under this
Ordinance.
Management and 
control of Savings 
Bank.
4. The Savings Bank shall be under the management and
control of the Accountant General, who may, subject to the
provisions of this Ordinance and any regulations made thereunder,
take such steps as may be desirable for the encouragement of thrift,
for the proper management of the Savings Bank, and otherwise for
the promotion of the objects and purposes of this Ordinance.
* See  Government Notice No. 398 of the 1st of September, 1961.
  2       CAP. 167. ħ              MALTA GOVERNMENT SAVINGS BANK  
Establishment and 
closure of branch 
Savings Banks. 
Amended by: 
L.N. 4 of 1963.
5. The Accountant General, with the approval of the Minister
responsible for finance, may open branches of the Savings Bank in
any place in Malta and may, with the like approval, close any
branch of the Savings Bank and notice of any such opening or
closing shall be given in the Government Gazette.
Deposits and 
repayments.
6. (1) Deposits of money to be paid into the Savings Bank
shall be received and repaid under such conditions as may be
prescribed. 
(2) The provisions of the Schedule to this Ordinance shall
apply in relation to the opening of accounts in favour of minors and
to withdrawals from such accounts.
Security of 
Government. 
Amended by: 
L.N. 4 of 1963.
7. The repayment of all monies deposited in the Savings Bank
together with interest thereon is guaranteed by the Government of
Malta and accordingly if at any time the assets of the Savings Bank
shall be insufficient to pay the lawful claims of every depositor the
Minister responsible for finance shall, by warrant under his hand
and without the need of any appropriation other than this
Ordinance, cause such deficiency to be met out of the general
revenues of the Government of Malta.
Interest. 
Amended by: 
XXIX. 1979.3.
8. (1) Interests on deposits shall be payable on such amounts
and at such rates  per centum per annum  as may from time to time
be prescribed.
(2) Save as may be otherwise prescribed interest on deposits
shall be calculated, until the year 1979, to 31st March and again
from 1st April to 31st December of that year, and, for any
subsequent year, to 31st December in every year and shall then be
added to and become part of any principal money remaining on
deposit.
Salaries and 
expenses.  
Amended by: L.N.4 
of 1963.
9. (1) All expenses incurred in carrying out the objects of this
Ordinance shall be met from the monies in the Savings Bank.
(2) For the purposes of subsection (1) of this section
"expenses" shall mean the cost of any work or service done by or in
connection with the Savings Bank, including such sum on account
of administrative and other overhead expenses as may, with the
approval of the Minister responsible for finance, be reasonably
assigned to that work or service.
Disposal of 
monies. 
Amended by: 
L.N. 4 of 1963; 
XXVIII.1971.2.
10. (1) Subject to the provisions of this Ordinance monies in
the Savings Bank shall not be applied in any way to the purposes of
the Government of Malta but, except so far as any sums may be
prescribed to be kept in hand for the general purposes of the
Savings Bank, shall be deposited in the Treasury of the
Government of Malta and accounted for separately, and shall be
invested by the Accountant General on behalf of the Savings Bank
in such manner as he may, with the approval of the Minister
responsible for finance, deem proper, or in accordance with such
directions as the Minister responsible for finance may give.
(2) Any sums of money that may from time to time be required
for the repayment of any deposits under the authority of this
Ordinance, or for the payment of interest thereon or expenses
                   MALTA GOVERNMENT SAVINGS BANK      ġ CAP. 167.          3
incurred in carrying out the objects of this Ordinance, may be
raised by the sale of the whole or part of such securities:
Provided that any sums of money which may be required for the
purposes aforesaid may, until they can be raised by the sale of such
securities, with the approval of the Minister responsible for
finance, be advanced to the Savings Bank by the Accountant
General -
( a ) out of the general revenues of the Government of
Malta, or
( b ) out of monies which the Accountant General may
acquire for that purpose from such other sources and
subject to such conditions as the Minister responsible
for finance may approve,
and such advances shall bear interest at such rate as may be fixed
from time to time by the Minister responsible for finance.
Accounts. 
Substituted by: 
I. 1962.69. 
Amended by: 
XXIX. 1979.3;
XVI.1997.8.
Cap. 174.
11. A statement of the revenue and expenditure of the Savings
Bank and of deposits received and repaid and interest credited to
depositors during the year ending, until the year 1979, on 31st
March and again during the nine months ending on 31st December
of that year, and subsequently during the year ending on 31st
December of each year together with a statement of the assets and
liabilities of the Savings Bank shall, as soon as possible after the
close of each financial year and in any case not later than three
months after the close of such year, be forwarded by the
Accountant General to the Auditor General, and subsection (2) of
section 65 of the Financial Administration and Audit Act, shall
apply to such statement.
Surpluses and 
deficits. 
Amended by: 
L.N. 4 of 1963: 
XXIX. 1979.3.
12. (1) If in any year the revenue of the Savings Bank shall be
insufficient to defray the interest due to depositors and all expenses
under this Ordinance, such deficiency shall be met out of the
general revenue of the Government of Malta.
(2) If in any year the revenue of the Savings Bank shall be
more than sufficient to defray the interest due to depositors and all
expenses under this Ordinance, the Minister responsible for finance
may direct the transfer of the surplus or any portion thereof to the
general revenues of the Government of Malta:
  Provided that no such transfer shall be made unless the assets of
the Savings Bank will thereafter exceed the liabilities by not less
than fifteen  per centum  of the liabilities to depositors.
(3) If on 31st March in any year until the year 1979, and again
on 31st December of the said year, and if on 31st December in any
subsequent year in any year the assets of the Savings Bank exceed
the liabilities by more than fifteen  per centum  of the liabilities to
depositors, the Minister responsible for finance may direct that the
surplus over fifteen  per centum  or any portion thereof shall be
transferred to the general revenues of the Government of Malta.
  4       CAP. 167. ħ              MALTA GOVERNMENT SAVINGS BANK  
Power to make 
regulations. 
Amended by: 
L.N. 4 of 1963; 
XIII. 1983.5.
13. (1) The Minister responsible for finance may make
regulations for the management and regulation of the Savings Bank
and without prejudice to the generality of the foregoing such
regulations, may - 
( a ) prescribe the kinds of deposits which may be made and
limits of deposits;
( b ) prescribe the modes of making deposits;
( c ) prescribe the modes of withdrawing deposits and
interest;
( d ) prescribe the times at which deposit books shall be
returned to the Savings Bank by depositors;
( e ) authorize the Accountant General to enter into an
arrangement with the Post Office Savings Bank of the
United Kingdom of Great Britain and Northern Ireland
or with the Government Savings Bank of any British
Dominion, Colony, Protected State or Protectorate or
any territory administered by the Government of any
part of the British dominions under the trusteeship
system of the United Nations, or any foreign country,
for the transfer of any sums standing to the credit of
depositors from such Savings Banks to the Malta
Government Savings Bank, and vice versa, and
prescribe conditions for such transfers;
( f ) provide for any such matters as are authorized by this
Ordinance to be prescribed;
( g ) prescribe penalties not exceeding one hundred liri for
the breach of any such regulation.
(2) All regulations made under this Ordinance shall be
published in the Government Gazette and shall come into operation
on such publication or at such later date as may be named in such
regulations.
Names of 
depositors, etc., not 
to be disclosed. 
Amended by: 
XIII. 1983.5.
14. (1) No person, who is appointed to discharge any duty in
connection with the Savings Bank, shall disclose the name of a
depositor or the amount which may have been withdrawn or
deposited by a depositor unless required to do so in accordance
with law.
(2) Any person who contravenes the provisions of this section
shall be guilty of an offence and on conviction shall be liable to a
fine ( multa ) not exceeding one hundred liri.
Non-liability of 
Government.
15. When any payment is made or act done by the Accountant
General or any person acting under his authority in accordance with
this Ordinance and the regulations for the time being made
thereunder, the Government, the Accountant General and such
person shall not be liable in respect of any claim on the part of any
person in connection with such payment or act, but any person may
nevertheless recover any sum lawfully due to him from the person
to whom the Accountant General has paid the same:
  Provided that nothing in this section contained shall be
                   MALTA GOVERNMENT SAVINGS BANK      ġ CAP. 167.          5
construed as exempting any person from liability for damage or
loss caused to any person by reason of fraud on the part of such
first mentioned person in relation to his official duties.
Amended by: 
XXVIII. 1971.3; 
XIII. 1983.5.
SCHEDULE
 ġS E C T I O N  6 (2)ħ
A C C O U N T S  O P E N E D  I N  F A V O U R  O F  M I N O R S
1. A savings account in the Savings Bank may be opened in
favour of a minor by such minor himself, if he is of the age of seven
years or upwards, or by some other person.
2. Where the account is opened by the minor himself
withdrawals from such account shall, subject to the provisions of
paragraph 5 of this Schedule, be governed by the following
provisions of this paragraph, that is to say:
( a ) if the minor is of the age of fourteen years or upwards
he may withdraw any sum standing to his credit in
such account;
( b ) if the minor is of the age of less than fourteen years, he
may not withdraw any sum exceeding five liri unless
he is accompanied by - 
(i) one of his parents, or 
(ii)  his tutor, or
(iii) a person charged with his care, custody or
control. 
3. Where the account is opened by a person other than the
minor under the condition that withdrawals form such account shall
not be made by the minor, withdrawals from such account shall not
be made except by the person legally authorized to claim such
withdrawal on behalf of such minor, but if the account is not
opened under such condition as aforesaid the provisions of
paragraph 2 of this Schedule shall apply.
4. Where a withdrawal is made by a minor in accordance with
any of the provisions of this Schedule his receipt shall be a good
discharge to the Accountant General for the sum stated therein
provided that where it is required by such provisions that the minor
should be accompanied by some other person such receipt shall be
signed also by the person accompanying the minor during such
withdrawal.
5. The father or the tutor of a minor in whose favour an
account has been opened in the Savings Bank may at any time
notify the Accountant General, in writing, of his opposition to any
withdrawal by such minor from such account, and in such case the
provisions of this Schedule authorizing such minor to make any
withdrawal shall cease to operate in regard to such minor.
  6       CAP. 167. ħ              MALTA GOVERNMENT SAVINGS BANK  
Cap. 16.
6. Nothing in this Schedule shall affect any deposit made in
favour of a minor in pursuance of a court order and any such
deposit shall be governed by the provisions of the Civil Code and
by the terms of the order.
