Consols

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CONSOLS, Eng. law. This is an abbreviation for consolidated annuities. Formerly when a loan was made, authorized by government, a particular part of the revenue was appropriated for the payment of the interest and of the principal. This was called the fund, and every loan had its fund. In this manner the Aggregate fund originated in 1715; the South Sea fund, in 1717; the General fund, 1617 and the Sinking fund, into which the surplus of these three funds flowed, which, although destined for the diminution of the national debt, was applied to the necessities of the government. These four funds were consolidated into one in the year 1787, under the name of consolidated fund.
     2. The income arises from the receipts on account of excise, customs, stamps, and other, perpetual taxes. The charges on it are the interest on and the redemption of the public debt; the civil list; the salaries of the judges and officers of state, and the like.
     3. The annual grants on account of the army and navy, and every part of the revenue which is considered temporary, are excluded from this fund.
     4. Those persons who lent the money to the government, or their assigns, are entitled to an annuity of three per cent on the amount lent, which, however, is not to be returned, except at the option of the government so that the holders of consols are simply annuitants.

References in periodicals archive ?
5 percent stake, may top up a perpetual bond this autumn in the size of no more than an initial deal.
In 1902 the Government parcelled up Napoleonic war debts in perpetual bonds, or perps.
After 3Q12, we issued the retap of our second perpetual bond, raising an additional US$175 million above par priced at 108.
75% perpetual bond issue was upgraded from BB to BB+.
In May 2015, the Bank successfully completed country's debut Basel III compliant AT1 Perpetual Bond issue of $300 million which are listed and traded in the Irish Stock Exchange.
The $750 million, perpetual bond issue was Societe Generale's first bond mandate from NBAD.
Muscat: Oman's Bank Dhofar, the Sultanate's second-largest lender by assets, has picked three banks to arrange fixed income meetings starting on Thursday for a potential capital-boosting perpetual bond issue, a document from lead arrangers showed.
Although the perpetual bond is a new financial product in the Thai debt capital market, the transaction attracted robust participation from investors which reflects investors confidence in both IVL s business and its financial stability.
the spread between Brazilian bank's perpetual bond and senior bonds of Banco do Brasil would total about 300 b.
On June 10th 2015, the National Bank of Abu Dhabi (NBAD), the safest bank in the Middle-East and Emerging Markets, successfully launched its inaugural $750 million Additional Tier 1 Perpetual Bond and achieved multiple records in the process.
Dubai: Dubai Islamic Bank, the United Arab Emirates' biggest Sharia-compliant lender, hired banks for a potential perpetual bond sale as it seeks to boost Tier-I capital.