The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £30.000.000 4,75% Government Registered Development Stock with date of issue 16th July, 2002 and repayment at par in two years. Details about the auction will be published in an Announcement in the Official Gazette of the Republic on Friday 5th July, 2002. The auction will take place on 15th July, 2002. Bids on the prescribed form for 2-year stock will be accepted from 11th July, 2002 until 9.00 a.m. on 15th July, 2002. Application forms for the submission of bids and copies of the Announcement on the auction procedures and Terms of Issue for the Stock can be obtained from the Securities Section of the Central Bank of Cyprus.