SASKATCHEWAN SAVINGS BONDS CAMPAIGN A SUCCESS

Released on August 4, 1998

Finance Minister Eric Cline today announced that sales of Series VII

Saskatchewan Savings Bonds (SSBs) topped $308 million, making the 1998

SSB campaign one of the most successful ever.



"I am extremely pleased with the results of this year's Savings Bonds

campaign," Cline said. "Saskatchewan people continue to hold more

bonds per capita than residents of any other province and they

continue to demonstrate a high degree of confidence and optimism in

the future of our Province."



Cline noted that, since the SSB program began in 1992, the Province

has paid over $440 million in interest payments to Saskatchewan bond

holders. "Not only do SSBs benefit the Province; they are also an

excellent means by which families and individuals can invest in their

own future."



Series VII bonds provide a five year investment at an interest rate of

five per cent, guaranteed by the Province of Saskatchewan. Depending

on market conditions, the interest rate may rise during the five year

term, as it has this year for Series VI bonds, but it can never fall

below five per cent.



During the June 13 to June 27 sales period, more than 14,000

Saskatchewan residents purchased Series VII bonds. After

accounting for redemptions of maturing Series II SSBs and early

redemption of other series, net sales reached $130 million --

more than double last year's figure.



"Saskatchewan Savings Bonds were introduced in 1992 to help the

Government finance its debt within the province," Cline said.

"By doing so, we have been able to pay a portion of the interest

on the debt directly to Saskatchewan residents. Although our

borrowing requirements have declined considerably, SSBs continue

to be an important way for people to invest in their future and

contribute to our overall financial and economic well-being."



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For more information, contact:



Sandra Lodoen

Saskatchewan Finance

Regina

Phone: (306) 787-6578