The strong demand for the €180 million Malta Government Stocks, oversubscribed in a matter of hours, was further testament to the high levels of optimism and trust reigning at the moment, the government said.

It said the issue was subscribed at a rate of €350,000 per minute and an additional allotment of €60 million, over and above the initial offer of €120 million, was also taken up.

The government also noted that, for the first time, Maltese families’ deposits in local banks had exceeded €9 billion while consumption was on the rise with a 23 per cent increase in vehicle sales last year.

It pointed out that this upbeat mood in the country contrasted sharply with the Opposition’s forecast that under a Labour government Malta would end up being bailed out by the EU.