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Savings Certificates (Seventeenth Issue) Rules, 2007
WHEREAS
- Savings Certificates have been issued by or on behalf of the Minister for Finance and, prior to the coming into effect of the following Rules, there have been 16 issues of Savings Certificates;
- Each such issue of Savings Certificates has been issued pursuant to Savings Certificates Rules made under Section 30 of the Finance Act, 1940 and other legislation, and these Rules have provided that the provisions of the Savings Certificates Rules, 1926 (the "1926 Rules”), which referred to Savings Certificates of the first issue, shall with appropriate amendments apply to subsequent issues of Savings Certificates;
- It is intended to provide for Savings Certificates of the seventeenth issue by means of the following Rules; and
- The following Rules provide, by restatement with appropriate amendments, that certain provisions of the 1926 Rules shall also apply to Savings Certificates of the seventeenth issue.
NOW THEREFORE
The National Treasury Management Agency, in exercise of the powers conferred on it by the National Treasury Management Agency Act, 1990 (No. 18 of 1990) and the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990 (S.I. No. 277 of 1990), hereby makes the following Rules:
1. Citation & Commencement
(1) These Rules may be cited as the Savings Certificates (Seventeenth Issue)
Rules 2007.
(2) These Rules shall be deemed to have effect from the 1st day of August 2007.
2. Interpretation
(1) In these Rules, unless the context otherwise requires:
"charity" means any body of persons or trust established for charitable
purposes only, recognised as such by the Revenue Commissioners of Ireland;
"inherited Savings Certificates" means Savings Certificates to which a person
becomes entitled, or in which he or she has acquired an interest, on the death
of any other person;
"purchase price" means the principal amount paid by a purchaser of Savings
Certificates and recorded for this purpose on the face of the relevant Savings
Certificates;
"Savings Certificates" means any one or more certificates issued by or on
behalf of the Minister for Finance, entitling the person named in such Savings
Certificates as holder (hereafter referred to as the "holder") to receive the
Purchase Price of such Savings Certificates together with any interest due in
respect of the Savings Certificates (together referred to as the "amount
repayable");
"seventeenth issue” means the issue of Savings Certificates which was first
issued by the Minister for Finance, acting through the National Treasury
Management Agency, pursuant to the National Treasury Management Agency
Act, 1990 (No. 18 of 1990) and first issued on the 1st day of August, 2007.
"specified securities" means:
(a) Savings Certificates of the seventeenth or any previous issue;
(b) Savings Bonds duly issued under section 54 of the Finance Act 1970; and
(c) instalement savings schemes within the meaning of section 53 of the
Finance Act 1970;
(2) These Rules refer to Savings Certificates of the seventeenth issue and all
references to Savings Certificates herein shall be construed as references to
Savings Certificates of the seventeenth issue.
3. Purchase Price
Subject to the provisions of Rule 8, Savings Certificates may be purchased in
any amount equal to or greater than €50.
4. Application to purchase Savings Certificates
Application to purchase Savings Certificates may be made to An Post or to such
other agents as may from time to time be authorised by the National Treasury
Management Agency by the completion of such application forms as may be
prescribed from time to time.
5. Persons entitled to purchase Savings Certificates
(1) Savings Certificates may be purchased by:
(a) an individual aged 7 years or more;
(b) any number of such individuals jointly; or
(c) a Charity.
(2) Savings Certificates may be purchased as a gift for an individual of any age, or
for any number of such individuals jointly, and Savings Certificates purchased
as a gift shall be held in the name of the individual or individuals for whom it
has been purchased.
(3) Notwithstanding paragraph (1) of this Rule, the following may purchase Savings
Certificates provided the written permission of An Post has been granted in
advance of such purchase:
(a) a corporation or company; or
(b) a partnership, club, society or other unincorporated body or Friendly
Society.
(4)(a) Savings Certificates may be purchased on behalf of and in the name of a
child under seven years of age and may be held by such child accordingly.
(b) The person who applies for the purchase of Savings Certificates on behalf of
and in the name of a child under seven years of age shall specify, in such
manner as may be prescribed by An Post, the date of birth of such child
and such other particulars as may be required by An Post.
(c) At any time after such child attains the age of seven years he or she shall,
when required by An Post, furnish his or her signature in such manner as
may be required by An Post.
(5) Savings Certificates may be purchased on behalf of and in the name of a
person of unsound mind by the committee of such person's estate or any
person having legal authority to act in that behalf.
(6) Savings Certificates may be purchased in the name of a person as trustee for a
beneficiary whose name shall also be entered on the Savings Certificates
provided that the purchase price of such Savings Certificates shall be taken
into account in respect of such beneficiary in computing the maximum
personal holding permitted by Rule 8 hereof.
6. Period for which Savings Certificates may be held
Savings Certificates may be held for a period not exceeding five years and six
months from the date of purchase thereof provided however that the National
Treasury Management Agency may, whenever and so often as it thinks fit, in its
absolute discretion, extend or not extend the period for which Savings Certificates
may be held beyond the period referred to in this Rule.
7. Interest
(1) The amount repayable at any time in respect of Savings Certificates shall be
the Purchase Price of such Savings Certificates together with any interest due
from the date the Purchase Price shall have been received by An Post at the
respective rates set out below:
| Period Held |
Interest Rate |
| * if held for at least 6 months |
0.10% |
| * if held for at least 1 year |
2.1% |
| * if held for at least 1 year and 6 months |
3.3% |
| * if held for at least 2 years |
4.6% |
| * if held for at least 2 years and 6 months |
6.2% |
| * if held for at least 3 years |
8.0% |
| * if held for at least 3 years and 6 months |
10.0% |
| * if held for at least 4 years |
12.2% |
| * if held for at least 4 years and 6 months |
14.6% |
| * if held for at least 5 years |
17.5% |
| * if held for at least 5 years and 6 months |
21.0% |
(2) Interest is payable only in respect of each completed period of six months for
which the Savings Certificates are held. If Savings Certificates are encashed
prior to the completion of any interest period, then no interest is paid in respect
of any period since the last completed interest period.
8. Maximum Holding - See (Seventeenth Issue(Amendment) Rules 2007
(1) No person shall at any time hold or have any interest in Savings Certificates
with an aggregate Purchase Price of more than €120,000 (the "maximum
personal holding”).
(2) In the case of a joint holding of Savings Certificates by two or more persons,
such holding may include Savings Certificates of an aggregate Purchase Price
of not more than €240,000 provided always that each holder shall not thereby
exceed the maximum personal holding.
(3) Inherited Savings Certificates shall not be taken into account for the purposes of
this Rule except where the person holding such Savings Certificates purchases
or seeks to purchase further Savings Certificates after the date of the
inheritance.
(4) If the holder of specified securities purchases a Savings Certificate in an
amount equal to or less than the amount repayable in respect of such specified
securities and the purchase is made with effect from the date of the expiry of the
period for which the specified securities in question may be held as prescribed
by the National Treasury Management Agency (the"expiry date"), the Savings
Certificate so purchased shall not be taken into account for the purpose of this
Rule except where the person holding such Savings Certificate purchases or
seeks to purchase further Savings Certificates after the expiry date.
9. Evidence of Identity
(1) An Post shall not be obliged to enquire as to whether the holder of Savings
Certificates holds the Savings Certificates in the capacity of trustee or agent or
otherwise in a fiduciary capacity for any other party.
(2) Nothing in paragraph (1) of this Rule shall prejudice the right of An Post to
require evidence to be given to its satisfaction of the identity of any person or of
the title of any person to any Savings Certificates or money or of any matter
relating to Savings Certificates on which the due exercise of its powers or
performance of its duties depends and An Post may, for the purpose of
obtaining any such evidence, require a statutory declaration to be made by any
person.
10. Repayment
(1) Subject to the provisions of these Rules, any person wishing to obtain payment
of the amount repayable in respect of Savings Certificates shall make
application for repayment using the form prescribed by An Post and such
application should be made at least seven business days before repayment is
required. In the case of an application for the repayment of the amount
repayable in respect of Savings Certificates held in the joint names of two or
more persons, such application shall be made by all such persons or by the
survivors or survivor among such persons. An application for payment of money
repayable in respect of any Savings Certificates in the name of a friendly
society or in the name of a charity shall be made by the person for the time
being recognised by An Post as entitled to call for the repayment of such
money.
(2) A holder of Savings Certificates may encash in whole or in part such Savings
Certificates provided that, where the Savings Certificates are being encashed in
part, the minimum principal amount to be paid will be €100 or the value of the
Savings Certificates whichever is the lesser. Where the principal amount of the
Savings Certificates remaining following such repayment would be less than
€100 then the Savings Certificates must be encashed in whole.
(3) An Post may pay the whole or any part of the amount payable in respect
of any Savings Certificates without the production of the Savings Certificates
where it is satisfied that the applicant is entitled to receive such sum.
(4) An Post may pay the whole or any part of the amount repayable in respect of
Savings Certificates to a third party provided it is instructed in writing to do so
by the holder.
11.Transferability
(1) A Savings Certificate or its benefits may not be assigned or otherwise
transferred save as provided in paragraph (2) of this Rule.
(2) Subject to Rule 15 hereof, Savings Certificates held by a deceased holder may
be transferred to a third party who is legally entitled to the proceeds.
12. Loss or partial destruction of Savings Certificates
(1) If Savings Certificates are lost, a holder may apply for replacement Savings
Certificates to An Post stating the circumstances of such loss and An Post
may issue replacement Savings Certificates provided it is satisfied that
the loss is bona fide.
(2) If any Savings Certificates have been tampered with or are in such a condition
as to render the issue of new Savings Certificates desirable, An Post may, if it
thinks fit, require a surrender and cancellation of the old Savings Certificates
and issue new Savings Certificates to the holder.
13.Application for payment of Savings Certificates where the holder is a child
(1) In the case of Savings Certificates held by a child aged 7 years or more, but
less than 18 years, application for payment of the amount repayable in respect
of the Savings Certificates may be made by such child provided that An Post
may in its absolute discretion require proof that the consent of the parents or
legal guardians of such person has been obtained. Any authority signed by a
child of the age of seven years or upwards shall be as valid and binding on him
or her in all respects as if, being of full age, he or she had signed such
authority.
(2) In the case of Savings Certificates held by a child aged less than 7 years,
application for payment of the sum repayable in respect of the Savings
Certificates may only be made by the parents or legal guardians of such child.
14. Insolvency, mental disorder or other lack of capacity
If the holder of Savings Certificates is under a legal disability for any reason,
including but without limitation:
(a) any holder in respect of which an assignee in bankruptcy,receiver,
liquidator, administrator, examiner or other party lawfully entitled to deal with
the assets of a holder in the event of insolvency has been appointed;
(b) any holder who is a person of unsound mind and whose affairs are
administered by a committee, attorney or other person having legal authority to
act in that behalf;
(c) any holder whose affairs are administered by a parent, legal guardian or other
lawfully appointed person by reason of such holder being a minor or
otherwise;
then, anything which is required to be done by or to such holder shall or may be done by or to any of the persons (other than the holder) referred in (a), (b), and (c) the above, as appropriate, or any other person having power in law to administer the holder's assets and An Post may pay the whole or any part of the amount repayable in respect of the Savings Certificates to any such person.
15. Arrangements on the death of a holder
(1) Upon either:
(a) an application for payment of the amount repayable; or
(b) a request for transfer of Savings Certificates
following the death of the holder (or, in the case of the joint holding of Savings
Certificates, the death of all of the holders), An Post shall pay the amount
repayable or, as appropriate, effect a transfer of the Savings Certificates in
accordance with written instructions of the deceased holder's executor or the
last surviving holder's executor in the case of a joint holding of Savings
Certificates or, as the case may be, the person having the lawful authority to act
in the administration of the estate of such deceased holder.
(2) Where a holder of Savings Certificates (being a sole holder) dies and the
amount repayable to such holder in respect of all Savings Certificates held by
such holder does not exceed €10,000 and probate of the will of such holder is
not, or letters of administration to such holder's estate are not, produced within
such time as An Post thinks reasonable, An Post may, without requiring such
probate or letters of administration in its discretion, pay the amount repayable
in respect of such Savings Certificates or any part of such amount to the
person who has, in the opinion of An Post, established a valid claim to the said
amount.
(3) Nominations with respect to Savings Certificates issued under these Rules are
not permitted and accordingly any nominations made during the lifetime of the
holder which nominate or purport to nominate another person or persons to
receive any amount repayable in respect of such Savings Certificates shall not
be acted upon by An Post.
16.Savers
(1) Neither the National Treasury Management Agency nor An Post shall be liable
in respect of any payment made or act done in good faith under these Rules,
and any such payment or act done shall be deemed to have been a valid
payment or act and shall constitute a full discharge of the liability of the
National Treasury Management Agency or An Post to make such payment or
to perform such act.
(2) The posting by An Post of any documents (including Savings Certificates) or
notification addressed to the holder of Savings Certificates at the last address
furnished by the holder for the purpose of receiving such documents or
notification shall constitute good delivery of the document or notification to
such holder.
(3) Nothing in this Rule shall operate to prevent the recovery by any person or his
or her lawful representative of any money lawfully due to such person from the
party to whom that money was paid or affect the right which any person or any
such representative may have against a third party in respect of Savings
Certificates.
17.Non-Disclosure
(1) The name or names of the holder of Savings Certificates, the number of
Savings Certificates held by the holder and the amounts paid or payable in
respect of Savings Certificates shall not be disclosed, save:
(a) to such holder, or to a person authorised in that behalf by the said holder;
(b) to an officer of either An Post or the National Treasury Management Agency
who is engaged in the management of Savings Certificates;
(c) to the parents or legal guardians of the holder where such holder is under
the age of 7 years or, at the discretion of An Post, if the circumstances so
warrant, to the parents or legal guardians of the holder where such holder is
aged 7 years or more, but less than 18 years;
(d) where the circumstances so require, to a person or persons to whom An
Post has the right to pay the sum repayable in respect of the Savings
Certificates; or
(e) as required by law.
(2) An Post may disclose to any person or to such person's lawful representative
seeking in good faith to recover any money lawfully due to him from a party to
whom that money was paid, the name and address of such party and may,
subject to any applicable laws, render to the first-mentioned person or to such
person's lawful representative such further information or assistance as may, in
the opinion of An Post, be necessary to effect due recovery by the person to
whom such money is lawfully due.
18. Miscellaneous
No warrant or other order for the payment of money, no receipt or other
acknowledgement for the receipt of money and no power of attorney or other
document in relation to the payment or receipt of amounts repayable in respect of
Savings Certificates is liable to be charged with any Stamp Duty.
Holders of Savings Certificates should notify An Post, Savings & Investments Services, Customer Administration, 3D, GPO, Dublin 1, of any change of permanent Address.
National Treasury Management Agency
1st August 2007
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