The Objects of the Bill are those set out in the White Paper published today. In particular the Bill provides for the following:-
(1) To prohibit the sale of gold bullion unless its market value exceeds the value of the currency in circulation with the object of gradually covering Maltese currency by gold;
(2) To allow the Bank to include other precious metals besides gold and, within prescribed limits, internationally traded commodities and quoted commodity shares, among its external assets;
(3) To establish a fund, called Posterity Fund, to which at least half the Bank's profits will be transferred each year and in which participation may be extended to banks, corporations and other bodies and persons;
(4) To set up an Investment Committee which shall be responsible for the management and control of the Posterity Fund and for the formulation of the policy to be followed by the Bank in the management of its external assets;
(5) To channel the profits accruing to Government from the monies invested in the Posterity Fund into accounts destined for contributions under the National Insurance Act, 1956, investments in less developed countries, relief of hardship caused by natural disasters and for expenses relating to the defence, conservation of the environment, and infrastructural projects.