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Small Savings Reserve Fund
For the year ended 31 December 2013
Report of the Comptroller and Auditor General for presentation to the Houses of the Oireachtas
I have audited the account of the Small Savings Reserve Fund for the year ended 31 December 2013 under the National Treasury Management Agency Act 1990. I have obtained all the information and explanations that I have required.
In my opinion the account, which is in agreement with the accounting records maintained by the National Treasury Management Agency in respect of this activity, properly reflects transactions for the year ended 31 December 2013 and the balance at that date.
Seamus McCarthy
Comptroller and Auditor General
27 June 2014
Account of Receipts and Payments
Year Ended 31 December
|
2013 |
2012 |
|
|
Balance at 1 January |
NIL |
NIL |
|
Received/(Paid) from/(to) Exchequer |
NIL |
NIL |
|
Balance at 31 December |
NIL |
NIL |
|
Estimated Accrued Interest at 31 December |
603,622 |
547,928 |
The Small Savings Reserve Fund (“the Fund”) was set up under section 160 of the Finance Act, 1994. Small Savings include Savings Certificates, National Instalment Savings and Savings Bonds. The initial amount paid into the Fund has been expended. No moneys were paid into the Fund in 2013 or were held in the Fund at year end. In the normal course where interest payments on encashments of small savings exceed 11 per cent of the total interest accrued for the previous year, the resources of the Fund may be applied towards meeting those interest costs which exceed 11 percent of that accrued income. Interest payments on encashments of small savings in 2013 were €298 million which represented 54 per cent of the interest accrued of €548 million at 31 December 2012.
John C. Corrigan, Chief Executive
National Treasury Management Agency
24 June 2014