20 years, according to the Bank of Butterfield.

The Bank is in charge of issuing the bonds, which will generate $20 million to go towards capital schemes like the incinerator and the new prison.

Yesterday was the second day of the five year bond issue and the second day that memorandums explaining the scheme were available.

Although no figures will be prepared until later in the week, a spokesman reported that the public had shown a good deal of interest.

"A lot of people have been in to get copies of the memorandum and now it is a case of seeing how they respond. It is a bit like election day. We will have no figures for the response until later in the week, but there has been a lot of interest,'' he said.

The bond scheme pays 6.5 percent interest each year.

Finance Minister, the Hon. David Saul described the bonds as the safest way to invest money on the Island and expected a flood of subscriptions.

He said the rate compares favourably with bank rates which climb to just over seven percent for long-term deposits.

The subscription book closes on Monday, November 30. The bond will be issued in denominations of $1,000, or multiples of that figure.