Tranching of Bonds - EU Draft Directive on Taxation of Savings

The National Treasury Management Agency will today formally tranche each of the Irish Government Bonds quoted on the Irish Stock Exchange for a nominal amount of one hundred euro.

The tranched amounts will be held by official funds.

The tranching will ensure that all of these bonds will come under the scope of the draft EU Directive on the taxation of savings when it comes into effect. Any uncertainty which might arise regarding the status of the bonds with reference to the draft Directive is accordingly removed - they all fall under its remit and all tranches of each individual bond are fully fungible.

20 March 2002