News Release - May 5, 1999
SASKATCHEWAN SAVINGS BONDS TO BE SOLD IN JUNE
Finance Minister Eric Cline today announced that Saskatchewan Savings
Bonds (SSB) Series VIII will be on sale from June 12-26, 1999.
"I am pleased to announce that we will continue to offer this valuable
opportunity to Saskatchewan people. Saskatchewan Savings Bonds are
secure and competitive, and can be purchased for as little as $100,
making them an ideal choice for the average investor," Cline said.
SSBs are fully guaranteed by the province and available to
Saskatchewan residents only. The interest rate on the Bonds will
never drop below the initial rate, but may go up, depending on market
conditions. SSBs are redeemable annually without penalty for the full
amount plus interest.
Cline said the SSB program has been very successful, with nearly
$1.5 billion in bonds currently in circulation.
"Saskatchewan people have turned around the province's financial
situation in the 1990s, cut $3.4 billion off the debt and
significantly reduced our borrowing requirements. Now that our
financial situation is stable, the focus of the SSB program is on
individuals and families who are saving for their future - for
retirement, their children's education, a family business or a
As a result of this shift in focus, a new purchase limit of
$100,000 per year will take effect with this year's sales
"This new purchase limit is also consistent with good financial
management whereby the necessary financing is secured through a
variety of sources," Cline said. "And, an exception is made for
holders of a maturing series, who may roll an additional $100,000
into the new series."
All other terms and conditions relating to purchasers of the
bonds remain the same as in previous years.
Series VIII Bonds will be available at local credit unions,
chartered banks, trust companies, investment dealers and
authorized agents throughout Saskatchewan. The interest rate for
SSBs will be announced closer to the sales period.
Customers with questions about Saskatchewan Savings Bonds are
encouraged to call 1-800-667-4000.
For more information contact:
Phone: (306) 787-6578