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Nursing union wins €1m with prize bond

A NURSING union has become an overnight "millionaire" after a prize bond it purchased more than a decade ago hit the jackpot.

The offices of the Psychiatric Nurses Association (PNA) received the brown envelope last Tuesday saying it had won €1m in a prize bond.

Des Kavanagh, the PNA's general secretary, confirmed to the Irish Independent that its coffers had been unexpectedly boosted after the prize bond turned out to have the winning numbers.

"It will be a matter for the trustees to decide how best the money is used," he added.

He said the union received advice from its auditors over a decade ago to invest in around €10,000 worth of prize bonds.

It has since won small sums of money and although the bonds do not gain interest the €1m winnings have more than compensated for that.

Some of the money may go towards the mortgage which the union is paying after moving to new offices at the Waterways, in Sallins, Co Kildare, in recent years.

It may also help to enhance the union's fighting fund, which it has to have in stock to pay members in the event of loss of pay through industrial action.

Irish Independent