S.I. No. 534/2006 - Savings Certificates (Sixteenth Issue) (Amendment) Rules 2006

S.I. No. 534 of 2006

Savings Certificates (Sixteenth Issue) (Amendment) Rules 2006

The National Treasury Management Agency, in exercise of the powers conferred upon 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.  In these Rules, “the Savings Certificates (Sixteenth Issue) Rules” means the Savings Certificates (Sixteenth Issue) Rules 1999 and 2004 ( S.I. No. 451 of 1999 , as amended by S.I. No. 583 of 2004 ).

2.  Rule 8 of the Savings Certificates (Sixteenth Issue) Rules is hereby amended—

(a)      in paragraph (1), by the substitution of “€120,000” for “€80,000”;

(b)      in paragraph (2), by the substitution of “€240,000” for “€160,000”; and

(c)      by the insertion of the following paragraphs after paragraph (3):

“(4)    For the purposes of paragraph (5) of this Rule, “specified securities” means:

(a)    Savings Certificates of the sixteenth or any previous issue;

(b)    Savings Bonds duly issued under section 54 of the Finance Act 1970 ; or

(c)    instalment savings schemes within the meaning of section 53 of the Finance Act 1970

(5)  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 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 purposes of this Rule except where the person holding such Savings Certificate purchases or seeks to purchase further Savings Certificates after the expiry date.”

3.       (1)     These Rules may be cited as the Savings Certificates (Sixteenth Issue) (Amendment) Rules 2006.

(2)      The Savings Certificates (Sixteenth Issue) Rules and these Rules may be cited together as the Savings Certificates (Sixteenth Issue) Rules 1999 to 2006.

(3)      These Rules shall be deemed to have effect from the 23rd day of December 1998.

Explanatory Note

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of these Rules is to provide for new cash limits for investments in Savings Certificates of the Sixteenth Issue.