Explanatory note

These Regulations amend the Savings Certificates (Yearly Plan) Regulations 1984.

Sums repayable under an agreement regulated by the 1984 Regulations or in respect of certificates acquired under such an agreement will, in future, be eligible for direct reinvestment in national savings certificates. These Regulations facilitate this change by permitting those applying for repayment to request that the amount so repayable should not be paid by crossed warrant where reinvestment is to take place. They also provide that, for the purpose of determining the amount repayable, the date of repayment shall be deemed to be the date of purchase of the new certificate.