Tuesday 17 October 2017

Number of €1m Prize Bond windfalls halved by NTMA

John Mulligan

John Mulligan

THERE will be fewer Prize Bond millionaires in future after the National Treasury Management Agency (NTMA) said it will only be giving away a €1m windfall every two months from now on.

Until now, a top prize of €1m has been up for grabs every month.

Prize Bonds are jointly managed by An Post and Kerry-based financial firm Fexco, but controlled by the NTMA.

People who win money though their prize bonds get the money tax free.

Last month, 47,670 prize-bond investors shared €3.6m in cash prizes.

In 2012, some 438,682 Prize Bond customers shared a total of €46m, while the number of bond purchases surged 8pc to 365,870.

The Prize Bond Company recorded a 13.4pc increase in gross sales last year, to €352.6m, with the fund value standing at €1.65bn, the highest on record.

But the NTMA said yesterday that it was reducing the interest rate used to calculate the monthly prize fund for Prize Bonds, from 2.25pc to 1.75pc.

While the NTMA said that roughly the same number of prizes would still be awarded each week, the top €1m giveaway would no longer happen on a monthly basis.

Instead, the top prize of €1m will be given away on the last Friday of every second month, in February, April, June, August, October and December.

The reduced frequency of the top giveaway comes as an unknown Cork resident scooped €1m last Friday on a Prize Bond they acquired in 2011.

It's the second win in Cork this year, with an anonymous winner also taking the €1m jackpot in April.

Irish Independent

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