Released on July 18, 2005
Saskatchewan residents demonstrated their confidence in the province during its Centennial year by purchasing just over $150 million worth of Saskatchewan Savings Bonds in June.With this latest sale, the amount of bonds held by Saskatchewan residents stands at approximately $366 million.
"Strong support of this program reflects the true spirit of Saskatchewan people as they continue to invest in our province," Finance Minister Harry Van Mulligen said. "The Saskatchewan Savings Bond program is popular because Saskatchewan people use it to save for their children and for their own futures."
This year, the province paid $35 million in interest to more than 20,000 residents in approximately 500 Saskatchewan communities. Since 1992, more than $813 million in interest has been paid to holders of Saskatchewan Savings Bonds.
The bonds offer a secure investment at competitive interest rates. This year's rate was set at 2.5 per cent. The Saskatchewan Savings Bond program was introduced in 1992 to help reduce Saskatchewan's out-of-province borrowing costs.
"This program has been very beneficial to our government and to individual participants," Van Mulligen said. "Government debt as a percentage of Gross Domestic Product (GDP) has gone from over 40 per cent in the early 1990s to under 19 per cent this year. Total debt servicing costs are more than $300 million per year less than at the peak in 1995."
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