17. National Loans (Winding Up) Account
When a National Loan, Stock or Government Bond is due for redemption, the full amount outstanding is payable to the holder. Amounts not claimed by the holder at the redemption date are transferred into this account by a payment from the Exchequer. Any future claims which are made in relation to these matured loans are therefore met from this account. This account also includes balances which were held by the Central Bank and the Department of Finance as Paying Agents in respect of uncashed redemption payments, and which were transferred to the Agency.
The balance on the account comprises principally historic amounts. Changes in the way in which bonds are held by investors and the processing of payments means unclaimed amounts rarely arise.
| Account of Receipts and Payments | 2017 €000 |
2016 €000 |
|---|---|---|
| Balance at 1 January | 3,171 | 3,121 |
| Receipts from Exchequer | - | 115 |
| Receipts from Central Bank Account | 62 | 63 |
| Payments to Central Bank Account | (63) | (63) |
| Payments for Redemption of National Loans | (36) | (65) |
| Balance at 31 December – Cash with Central Bank of Ireland | 3,134 | 3,171 |