S.I. No. 154/1989 - Savings Certificates (First Issue Extension) Rules, 1989.

S.I. No. 154 of 1989.

SAVINGS CERTIFICATES (FIRST ISSUE EXTENSION) RULES, 1989.

I, ALBERT REYNOLDS, Minister for Finance, in exercise of the powers conferred on me by section 30 (2) of the Finance Act, 1940 (No. 14 of 1940), hereby make the following Rules:

1. (1) These Rules may be cited as the Savings Certificates (First Issue Extension) Rules, 1989.

(2) The Savings Certificates (First Issue Extension) Rules, 1953 to 1986, and these Rules may be cited together as the Savings Certificates (First Issue Extension) Rules, 1953 to 1989.

2. In these Rules—

"the first issue" means the issue of savings certificates introduced on the 18th day of June, 1923, and discontinued on the 20th day of February, 1931;

"relevant date" means, in relation to a savings certificate, the sixty-sixth anniversary of the date marked thereon as the date of issue thereof;

"unit certificate" means a savings certificate of the first issue the purchase price of which was seventy-seven and one half pence.

3. A savings certificate of the first issue may be held for a period not exceeding five years from the relevant date.

4. The amount repayable at any time in respect of a savings certificate of the first issue which is held under these Rules shall be—

	£
( a ) in the case of a unit certificate—
(i) if it is held for less than six months from the relevant date	14.79
(ii) if it is held for six months or more and less than one year from such date	15.21
(iii) if it is held for one year or more and less than one and one half years from such date	15.68
(iv) if it is held for one and one half years or more and less than two years from such date	16.21
(v) if it is held for two years or more and less than two and one half years from such date	16.74
(vi) if it is held for two and one half years or more and less than three years from such date	17.31
(vii) if it is held for three years or more and less than three and one half years from such date	17.92
(viii) if it is held for three and one half years or more and less than four years from such date	18.56
(ix) if it is held for four years or more and less than four and one half years from such date	19.24
(x) if it is held for four and one half years or more and less than five years from such date	19.97
(xi) if it is held for five years from such date	20.74
( b) in any other case, in a proportionate manner.

5. Subject to the provisions of these Rules, the Savings Certificates Rules, 1926, shall apply, with the necessary modifications, in relation to a savings certificate which is held under these Rules.

GIVEN under my Official Seal, this 20th day of June 1989.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

This instrument prescribes the rules governing the tenth extension of the First Issue of Savings Certificates.