S.L. 465.40 Art. 4Recognition of serious disturbance.

(1) For the purposes of these regulations, the COVID-

19 outbreak is formally recognised as a serious disturbance to the

Maltese economy, within the meaning of article 107 of the Treaty on the Functioning of the European Union, which as a consequence also seriously threatens financial stability in Malta.

(2) Pursuant to article 107 of the Treaty on the Functioning of the European Union, these regulations establish a temporary moratorium to be applied by credit and financial institutions on credit facilities, to support economically vulnerable persons who have been materially affected by the exceptional circumstances brought about by COVID-19 outbreak.