The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £25.000.000 5,25% Government Registered Development Stock with date of issue 4th January, 2002 and repayment at par in five years. Details about the auction are published in an Announcement in the Official Gazette of the Republic on Friday 19th July, 2002. Government Registered Development Stocks (GRDS) offered by auction are issued in series. For 5-year GRDS, Series 2002 5,25% GRDS maturing in 2007 is offered, which will be effected in tranches that will take place during 2002. The issue of the First Tranche of Series 2002 5,25% 5-year GRDS took place on 4th January, 2002 - being the date of issue of the Series – and the issue of the Seventh Tranche for up to the amount of £25.000.000, as mentioned above, will be on 24th July, 2002. The auction will take place on 23RD of July, 2002. Applicants should include in their bid the amount of interest which is accrued from 4th July, 2002 (being the last six-monthly interest payment date). The said accrued interest (£0,028767 for every £100 nominal value of stock) less 3% Defence Contribution (£0,00863 for every £100 nominal value of stock) which amounts to £0,0,27904 (for Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,028767 for every £100 nominal value of stock) less 10% Defence Contribution (£0,02877 for every £100 nominal value of stock) amounting to £0,2589 should accompany the bid. The total amount payable should be rounded to the nearest cent. The full amount of interest in respect of the period 4th July, 2002 to 4th January, 2003 shall be payable to the stockholders on 4th January, 2003. Bids on the prescribed form for 5-year stock will be accepted from 19th July, 2002 until 9.00 a.m. on 23RD July, 2002. Only forms designed for the Eighth Tranche Issue should be used. Application forms for the submission of bids and copies of the Announcement on the auction procedures and Terms of Issue for 5-year GRDS can be obtained from the Securities Section of the Central Bank of Cyprus.