INTEREST RATE ON SERIES VIII SASKATCHEWAN SAVINGS BONDS ANNOUNCED

Released on June 11, 1999

Finance Minister Eric Cline announced today that the interest rate for

Saskatchewan Savings Bonds (SSB) Series VIII will be 5 per cent. The

bonds will be on sale from June 12 to June 26, 1999 at local credit

unions, chartered banks, trust companies, investment dealers and

authorized agents throughout Saskatchewan..



"Thousands of Saskatchewan people have invested in SSBs to save for

their retirement, their children's education, a vacation or a new

home," Cline said. "This highly competitive, guaranteed rate ensures

the bonds will continue to be a sound investment in their future and

in the future of our Province."



Saskatchewan has the highest per capita rate of savings bonds

purchases of any province with a similar program. Approximately

85,000 Saskatchewan residents now hold Saskatchewan Savings Bonds

valued at $1.5 billion.



"The SSB program offers a number of advantages to the average

Saskatchewan family and to individuals just starting out on their

investment plan," Cline said. "For example, the bonds are available

only to Saskatchewan residents, redeemable annually without penalty

and fully guaranteed by the province.





They can be transferred from one resident to another, and they

are eligible for RSP registration".



SSBs can be purchased in $100 denominations to a maximum of

$100,000. Alternatively, a convenient Instalment Purchase Plan

is available for purchases up to $2,500.



Holders of maturing Series III SSBs have the option of cashing in

their bonds or reinvesting in Series VIII. Series III SSBs

mature on July 15, 1999 and no interest will be earned after that

date.



The interest rate for Series VI SSBs remains at 5 per cent for

the period July 15, 1999 to July 14, 2000. Interest rates for

all outstanding series for the year ending June 14, 2000 will be:



Series IV - 6 3/4 per cent;

Series V - 5 1/2 per cent;

Series VI - 5 per cent; and,

Series VII - 5 per cent.



Customers with questions about Saskatchewan Savings Bonds can

call 1-800-567-7077.



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For more information contact:

Sandra Lodoen

Saskatchewan Finance

Regina

Phone: (306) 787-6578