Investors, beware the pitfalls when filling out your application forms

The most common mistake applicants make, and the most serious one, is failure to sign the application form. An unsigned form cannot be processed because the signature is the applicant's acceptance of the contract with the Government to buy shares and acceptance of the terms and conditions involved. Another fairly common mistake in the forms received so far has been failure to sign the direct debit mandate or failure to give the sorting code which denotes the bank and the branch from which payment for the shares will be made.

Less common mistakes were failure to include any form of payment for the shares - no cheque or bank or post office draft or no direct debit details.

There have been cases where people have applied for less than the minimum amount of £250 (#317) set out in the list of amounts in the Guidance Notes sent to potential investors with their application forms. Some people have applied for an amount not set out in the list of amounts. In such cases the application has been corrected to the next lowest amount. Some people have put in one amount on their application form and another in their direct debit form or cheque. In these cases the cheque or direct debit amount has been assumed to be the amount sought.

Up to now, where mistakes have been made, the forms have been returned by Swiftpost to the applicants for correction. Where contact telephone numbers have been provided on the forms - there is a section on the form where applicants can enter a contact number - the applicant is phoned and told that their form is being returned.

However, while the forms with errors will continue to be sent back to applicants by Swiftpost, time is running out for corrections.

Forms received today will still be sent back to the applicant, but the returned form will only be received at the time the applicant normally receives his/her first post tomorrow. In some areas, this may not be until quite late in the day.

The applicant then has just until 4 p.m. tomorrow to correct the form and return it. Forms returned after 4 p.m. tomorrow will not be included in the share allocation. At this stage potential investors would be well advised to return the forms through branches of AIB Bank, where they can be lodged in special boxes.

Potential investors should take care to complete the form properly. The most important part of the priority application form is section C. Applicants are required to sign this part of the form, date it and provide a contact telephone number.

The applicants should ensure that the amount of shares they apply for in section A tallies with one of the amounts set out in the guidance notes included with the application forms. This amount should also be the same as the amount they write on their cheque or post office draft or the amount they enter in the direct debit section of the form - section F.

Do not forget to include a cheque or bank draft in the correct amount or to complete the direct debit mandate in Section F. Take care to set down the sorting code required - it can be found on the bottom left hand side of the cheques in your cheque book - and sign the mandate.

The only other boxes to be filled are sections B and D: the choice as to how you hold the shares - in the nominee account or by receiving a share certificate and where applicants want to hold the shares in joint names.