Savings Certificates (Twelfth Issue) Rules, 1999.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: Citation and Commencement
(1) These Rules may be cited as the Savings Certificates (Twelfth Issue) Rules, 1999.
(2) These Rules shall be deemed to have effect from the 27th day of January, 1994.
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paragraphs: 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”).
the “twelfth issue” means the issue of Savings Certificates 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 27th day of January, 1994.
(2) These Rules refer to Savings Certificates of the twelfth issue and all references to Savings Certificates herein shall be construed as references to Savings Certificates of the twelfth issue.
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paragraphs: Purchase Price
Subject to the provisions of Rule 8, Savings Certificates may be purchased in any amount equal to or greater than £10.
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paragraphs: Application
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.
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paragraphs: 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 of 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 for the purposes of Rule 8 hereof the Purchase Price of such Savings Certificates shall be reckoned in respect of each such beneficiary in computing the maximum personal holding permitted by Rule 8.
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paragraphs: Period for which Savings Certificates may be held
Savings Certificates may be held for a period not exceeding five years and nine months from the date of purchase thereof provided however that the National Treasury Management Agency may, 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.
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paragraphs: 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,
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paragraphs: 2%
•
if held for at least 1 year,
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paragraphs: 5%
•
if held for at least 1 year & 6 months,
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paragraphs: 9%
•
if held for at least 2 years,
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paragraphs: 5%
•
if held for at least 2 years & 6 months,
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paragraphs: 3%
•
if held for at least 3 years,
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paragraphs: 3%
•
if held for at least 3 years & 6 months,
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paragraphs: 6%
•
if held for at least 4 years,
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paragraphs: 3%
•
if held for at least 4 years & 6 months,
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paragraphs: 4%
•
if held for at least 5 years,
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paragraphs: 0%
•
if held for at least 5 years & 6 months,
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paragraphs: 0%
•
if held for at least 5 years & 9 months,
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paragraphs: 0%
(2) Interest is payable only in respect of each completed period of six months for which the Savings Certificates are held, with the exception of the last increment of interest which is payable after the elapse of the final three months only. 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.
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paragraphs: Maximum Holding
(1) No person shall at any time hold or have any interest in Savings Certificates with an aggregate Purchase Price of more than £60,000 (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 £120,000 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.
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paragraphs: 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.
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paragraphs: 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 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 any sum repayable 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 any sum repayable in respect of Savings Certificates to a third party provided it is instructed in writing to do so by the holder.
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paragraphs: Application for transfer of Savings Certificates
Save as otherwise provided by these Rules, Savings Certificates may be transferred by the holder to any person entitled to purchase Savings Certificates and application for transfer of the Savings Certificates shall be made by the holder in such manner as An Post may require. Upon receiving such application and being satisfied as to the title of the applicant to transfer the relevant Savings Certificates, An Post shall amend such Savings Certificates by substituting therein the name of the transferee for that of the transferor or, as appropriate, issue such new Savings Certificates as may be necessary to effect such transfer.
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paragraphs: Addition of name to Savings Certificates
Upon an application by the holder, An Post may, subject to the provisions of these Rules, add the name of one or more persons to the Savings Certificates.
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paragraphs: Loss or partial destruction of Savings Certificates
(a) 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.
(a) 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.
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paragraphs: Application for payment or transfer 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, or for transfer 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:
(a) 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; and
(b) such Savings Certificates shall not be assignable or transferable in any way.
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paragraphs: 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) 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.
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paragraphs: 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 £2,000 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 as the person who has paid the funeral expenses of the deceased.
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paragraphs: Nominations
(1) Subject to the provisions of these Rules, a person of the age of 16 years or upwards holding Savings Certificates may nominate any person or persons to receive any amount repayable in respect of such Savings Certificates and due to such holder at his death, but a holder of Savings Certificates may not have more than one nomination in force at any time.
(2) Every such nomination shall be in writing, in the form prescribed by An Post and shall be signed by the holder in the presence of a witness and shall be sent by post or otherwise to the Manager, Investment Services of An Post, College house, Dublin 2, during the lifetime of the holder. Such nomination may be retained by the Manager, Investment Services.
(3) Any such nomination shall be revoked by the death of the nominee in the lifetime of the nominator or by written notice of revocation signed by the nominator in the presence of a witness and sent to the Manager, Investment Services, of An Post, College House, Dublin 2, in accordance with the provisions of this Rule.
(4) Any such written notice of revocation shall be sent by post or otherwise to the Manager, Investment Services of An Post. College House, Dublin 2, during the lifetime of the holder.
(5) A nomination may be in favour of one person or of several persons, and in the latter case may direct that specific sums shall be paid to one or more of the persons named in the nomination, or that the persons named in such nomination may take the sums in specified shares.
(6) No person who witnesses the signature of a holder of Savings Certificates to a nomination shall take any benefit under such nomination.
(7) Subject to the provisions of these Rules, An Post shall pay the person or persons named in any nomination made by such holder, and in force at the time of his death, according to the directions of such nomination, and the receipt of any person(s) so named shall be a good discharge to the National Treasury Management Agency and An Post for the sum so paid.
(8) Where any person named as nominee in any nomination (in force at the time of the death of the nominator by whom it was made) dies after the death of such nominator but before An Post has paid such nominee, the provisions of these Rules shall apply to such nominee and to the sum payable to him or her as nominee as if at the date of his or her death such deceased nominee were a holder of Savings Certificates.
(9) An Post, following prior consultation with the National Treasury Management Agency, may, in its discretion, abolish the right to make nominations or may impose such conditions as it thinks fit in relation to the rights of a holder to make nominations in accordance with these Rules. Any such abolition or imposition of conditions shall not affect any nominations in existence prior to the effective date of such abolition or imposition of conditions.
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paragraphs: 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.
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paragraphs: 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.
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paragraphs: 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.
GIVEN under the Seal of the National Treasury Management Agency, this 30th day of December, 1999.
MICHAEL J. SOMERS,
Chief Executive