Holders of Government stock that expires in 2013 will be given an option to switch their holdings to stock that expires in 2017 or 2018.

Some €150 million in Government stock at 3.6 per cent is up for payment next year.

Stock holders may choose not to redeem their bonds and instead transfer them to stocks carrying a higher interest rate.

The two new stock options carry an interest rate of 3.75 per cent and 3.85 per cent respectively. They expire in 2017 and 2018.

Applications open on Monday at 8.30am and close a day later.

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