S.I. No. 228/1968 - Trustee Savings Banks Regulations, 1968.

S.I. No. 228 of 1968.

TRUSTEE SAVINGS BANKS REGULATIONS, 1968.

I, JOHN LYNCH, acting Minister for Finance, in exercise of the powers conferred on me by section 41 of the Finance Act, 1968 (No. 33 of 1968), hereby make the following regulations:

1. These regulations may be cited as the Trustee Savings Banks Regulations, 1968.

2. In these regulations "the Minister" means the Minister for Finance.

(2) The special investment account shall be opened in the books of the Bank of Ireland under the title "The Minister for Finance (Trustee Savings Banks Special Investment Account)".

(3) Where any payment is made into the special investment account, a receipt indicating that the amount of such payment has been placed to the credit of the special investment account shall be issued by the Bank of Ireland to the trustees of the trustee savings bank making such payment.

3. (1) On and after the 21st day of November, 1968, all moneys received by the trustees of every trustee savings bank by way of deposit in an investment account in the bank shall be paid into a special account (in these regulations referred to as the special investment account) in the Bank of Ireland in the name of the Minister, save and except—

( a ) such moneys as from time to time it may be necessary to retain in the hands of the trustees or the treasurer of the trustees to meet the current requirements of the bank for withdrawals from investment accounts opened by depositors and for administration expenses not otherwise defrayable, and

( b ) such moneys as the Minister for Posts and Telegraphs, in his absolute discretion, may from time to time permit to be retained in the hands of the trustees or the treasurer of the trustees to meet any other requirements of the bank.

4. All moneys paid into the special investment account shall, as on and from the day of payment, be deemed to be deposited in the Post Office Savings Bank and shall accordingly be credited therein in the name of the Minister and to the separate credit of the trustee savings bank concerned in an account under the title "The Minister for Finance (........................... Trustee Savings Banks Special Investment Account)", and any moneys standing to the credit of the special investment account shall be deemed to be part of the assets of the Post Office Savings Bank Fund.

5. (1) Withdrawals by the trustees of a trustee savings bank from the special investment account shall be limited to—

( a ) such amounts as may from time to time be sufficient, together with current moneys in hand received by way of deposit in investment accounts to meet payments to depositors from investment accounts opened in the bank and administration expenses not otherwise defrayable, and

( b ) such amounts as the Minister for Posts and Telegraphs, in his absolute discretion, may from time to time allow to be withdrawn for other purposes.

(2) Every application for a withdrawal from the special investment account shall—

( a ) be made to the Bank of Ireland in such form as the Minister directs,

( b ) be signed by two trustees of the trustee savings bank concerned and countersigned by the secretary or other principal officer of such bank or, in his absence, by his deputy, and

( c ) shall be forwarded so as to reach the Bank of Ireland at their head office in Dublin at least three clear days before the day on which the amount applied for is required.

(3) Where a withdrawal from the special investment account is duly applied for and the amount applied for is within the credit of the trustee savings bank concerned, such amount shall be issued from the special investment account to the current banking investment account of such trustee savings bank and such amount shall be deemed to have been withdrawn on the date of issue from the appropriate separate account of the Minister in the Post Office Savings Bank and shall be debited accordingly.

6. Interest at the rate of seven and one tenth per cent. per annum shall be allowed on the moneys standing to credit of every separate special investment account of a trustee savings bank in the name of the Minister in the Post Office Savings Bank as on and from the day on which such moneys are credited and such interest shall, in the case of any amount withdrawn from the special investment account, be calculated up to and including the day prior to the day of withdrawal and, in every other case, half yearly up to and including the 20th day of May and the 20th day of November and shall be credited to the appropriate separate special investment account as on (as the case may be) the day of withdrawal, the 20th day of May, or the 20th day of November.

7. (1) The trustees of every trustee savings bank shall send to the secretary of the Department of Posts and Telegraphs within four days of the end of every week (ending on such day as the Minister directs) a return in such form as the Minister directs showing the receipts and payments of the bank in respect of moneys deposited in investment accounts during that week and the cash balances in the hands of the treasurer of the trustees or other persons on account of the bank in respect of moneys deposited in investment accounts at the beginning and end of that week.

(2) Every return under this regulation shall be certified by a trustee or manager and, unless the Minister directs to the contrary, by the auditor of the trustee savings bank concerned and shall be countersigned by the chief officer thereof or, in his absence, by his deputy and such return shall be accompanied by a certificate of the treasurer of the trustees and of each other person (if any) in whose hands any such cash balances remain vouching for the cash balances remaining in his hands at the close of the week to which such return relates.

8. As soon as may be after the 20th day of May and the 20th day of November in each year the trustees of every trustee savings bank shall send to the secretary of the Department of Posts and Telegraphs a statement in such form as the Minister directs specifying the interest claimed to be due to them by the Minister on moneys of the bank deposited in the special investment account in respect of the preceding half year.

9. (1) The trustees of every trustee savings bank shall as soon as may be after the 20th day of November in every year prepare a statement in such form as the Minister directs giving an abstract of the transactions of the bank in respect of moneys deposited in investment accounts during the year ended on such 20th day of November and showing the balances at the beginning and end of such year.

(2) Every statement under this regulation shall be signed by two trustees, or two managers, or one trustee and one manager of the trustee savings bank concerned and shall be countersigned by the chief officer and by the auditor thereof.

(3) Every statement prepared under this regulation by the trustees of a trustee savings bank shall be sent to the secretary of the Department of Posts and Telegraphs within nine weeks after the 20th day of November up to which it is prepared and shall be accompanied by a certificate of the treasurer of the trustees and of each other person (if any) in whose hands are, on the said day, any moneys belonging to the bank certifying that he was in possession on the said day of the sums mentioned in the statement.

(4) The trustees of every trustee savings bank shall keep a copy of the latest statement prepared by them under this regulation exhibited in a prominent position in such bank.

GIVEN under my Official Seal, this 4th day of November, 1968.

JOHN LYNCH,

Acting Minister for Finance.

EXPLANATORY NOTE.

These Regulations provide for the opening of a special investment account in the name of the Minister for Finance in the Bank of Ireland to receive moneys from investment accounts in the trustee savings banks, all such moneys to be deemed to be invested in the Post Office Savings Bank. They also make provision in relation to withdrawals from the special investment account, the rate of interest payable to the trustee savings banks and the returns to be completed by the banks.