Savings Certificates (Issue Nineteen) Rules 2013.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: Citation & Commencement
(1) These Rules may be cited as the Savings Certificates (Issue Nineteen) Rules 2013.
(2) These Rules shall be deemed to have effect from the 2nd day of June 2013.
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paragraphs: Interpretation
(1) In these Rules, unless the context otherwise requires:
(a) Savings Certificates of the eighteenth or any previous issue;
(b) Savings Bonds duly issued under section 54 of the Finance Act 1970 ;
(c) instalment savings schemes within the meaning of section 53 of the Finance Act 1970 ; and
(d) National Solidarity Bonds of the third or any previous issue;
(2) These Rules refer to Savings Certificates Issue Nineteen and all references to Savings Certificates herein shall be construed as references to Savings Certificates Issue Nineteen.
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paragraphs: Purchase Price
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paragraphs: Application to purchase Savings Certificates
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paragraphs: Persons entitled to purchase Savings Certificates
(1) Savings Certificates may be purchased by:
(a) an individual aged 16 years or more;
(b) an individual aged less than 16 years, but only with the written consent of their parent or guardian and in accordance with paragraph (4) of this Rule.
(c) any number of such individuals jointly; or
(d) 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 a Savings Certificate purchased as a gift shall be registered in the register of Savings Certificates in the name of the individual or individuals for whom it has been purchased.
(3) Notwithstanding paragraph (1) of this Rule, a partnership, club, society or other unincorporated body or friendly society who is registered with the Registrar of Friendly Societies may purchase Savings Certificates, provided the written permission of the National Treasury Management Agency, or that of any agent, has been granted in advance of such purchase.
(4)(a) Savings Certificates may be purchased on behalf of and in the name of a child under 16 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 sixteen years of age shall specify, in such manner as may be prescribed by the National Treasury Management Agency, the date of birth of such child and such other particulars as may be required by the National Treasury Management Agency.
(c) At any time after such child attains the age of sixteen years, he or she shall, when required by the National Treasury Management Agency, furnish his or her signature in such manner as may be required by the National Treasury Management Agency.
(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 register of 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.
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paragraphs: Period for which Savings Certificates may be held
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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 the National Treasury Management Agency or its agents at the respective rates set out below:
(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.
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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 €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 €120,000 multiplied by the number of persons jointly holding the Savings Certificates, 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 purposes of this Rule except where the person holding such Savings Certificates purchases or seeks to purchase further Savings Certificates after the expiry date.
(5) The National Treasury Management Agency may, with the consent of the Minister for Finance, increase or decrease the maximum holdings set out in paragraphs (1) and (2) of this Rule.
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paragraphs: Evidence of Identity
(1) Neither the National Treasury Management Agency nor any of its agents shall 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 the National Treasury Management Agency (or any of its agents) to require evidence to be given, to its satisfaction, of:
(a) the identity of any person;
(b) the title of any person to any Savings Certificates or money; or
(c) any matter relating to Savings Certificates on which the due exercise of its powers or performance of its duties depends,
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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 and manner prescribed by the National Treasury Management Agency and such application should be made at least seven business days before repayment is required. The National Treasury Management Agency may prescribe that the application form for repayment be in electronic and/or paper form. 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 Saving 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 the National Treasury Management Agency or its agents 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 €50 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 €50, then the Savings Certificates must be encashed in whole.
(3) The National Treasury Management Agency (or any of its agents) may, in its absolute discretion, pay the whole or any part of the amount 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) The National Treasury Management Agency (or any of its agents) 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.
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paragraphs: 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 14 hereof, Savings Certificates held by a deceased holder may be transferred to a third party who is legally entitled to the proceeds and change of ownership will be recorded in the register of Savings Certificates.
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paragraphs: Application for payment of Savings Certificates where the holder is less than 16 years of age.
(a) the parents or legal guardians of such child; or
(b) by the child, provided that proof has been obtained, to the satisfaction of the National Treasury Management Agency (or any of its agents), that the consent of the parents or legal guardians of such child has been obtained.
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paragraphs: Insolvency, mental disorder or other lack of capacity
(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;
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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
(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 the National Treasury Management Agency (or any of its agents) thinks reasonable, the National Treasury Management Agency (or any of its agents) 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 the National Treasury Management Agency (or any of its agents), 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 the National Treasury Management Agency (or any of its agents).
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paragraphs: Savers
(1) Neither the National Treasury Management Agency nor any of its agents 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 any of its agents) to make such payment or to perform such act.
(2) The posting by the National Treasury Management Agency (or any of its agents) of any documents (including Savings Certificates) or notification addressed to the holder of Savings Certificates as 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 the National Treasury Management Agency (or any of its agents) 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 16 years;
(d) where the circumstances so require, to a person or persons to whom the National Treasury Management Agency (or any of its agents) has the right to pay the sum repayable in respect of the Savings Certificates; or
(e) as required by law.
(2) The National Treasury Management Agency (or any of its agents) 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 the National Treasury Management Agency (or any of its agents), be necessary to effect due recovery by the person to whom such money is lawfully due.
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paragraphs: Data Protection
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paragraphs: Miscellaneous