Savings Certificates (Seventeenth Issue) Rules 2007
Statutory Instruments
Source: Statutory Instruments

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paragraphs: Citation & Commencement
(1) These Rules may be cited as the Savings Certificates (Seventeenth Issue) Rules 2007.
(2) These Rules shall be deemed to have effect from the 1st day of August 2007.
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paragraphs: Interpretation
(1) In these Rules, unless the context otherwise requires:
(a) Savings Certificates of the seventeenth or any previous issue;
(b) Savings Bonds duly issued under section 54 of the Finance Act 1970 ; and
(c) instalment savings schemes within the meaning of section 53 of the Finance Act 1970 ;
(2) These Rules refer to Savings Certificates of the seventeenth issue and all references to Savings Certificates herein shall be construed as references to Savings Certificates of the seventeenth issue.
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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 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 a Savings Certificate 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 or 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 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 An Post 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.
num: 8
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 €240,000 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.
(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.
num: 9
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 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 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 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) An Post 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 15 hereof, Savings Certificates held by a deceased holder may be transferred to a third party who is legally entitled to the proceeds.
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paragraphs: Loss or partial destruction of Savings Certificates
(1) 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.
(2) 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.
num: 13
paragraphs: Application for payment 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 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, 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.
num: 14
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 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.
(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 An Post.
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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 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 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.
num: 18
paragraphs: Miscellaneous