Euromillions: ‘Normal family’ getting used to €175m jackpot

Les Reilly, owner, celebrates with his niece Carly Reilly Flynn, left, and staff members, Martina White and Anne Morgan, at Reilly’s Daybreak shop, in the Naul, north Co Dublin, where the €175m EuroMillions winning ticket was bought. It’s the largest jackpot ever won in Ireland. Picture: Colin Keegan

A “large family syndicate” from the Naul in north Dublin has been confirmed as the winner of the mega €175.4m EuroMillions jackpot.

The family are said to be overjoyed at the massive win — but insist that it won’t change their lives.

When the news broke of the huge win on Tuesday night, the country was rife with speculation as to the identity of the country’s newest millionaire — or millionaires.

It has now been confirmed that a family from the Naul in north Co Dublin has made contact with National Lottery HQ and started the process of making arrangements for the payout of the €175.4m jackpot.

This is the highest winning jackpot in the history of the National Lottery. It eclipses the €115m won by Limerick woman Dolores McNamara on a EuroMillions jackpot in 2005.

The family were described as “surprisingly calm” and “very together” when they contacted National Lottery HQ to claim their prize.

One of the syndicate members realised their good fortune when she checked the winning ticket after Tuesday’s draw.

“I heard on the RTÉ news that there was a win in Ireland and I caught the last three numbers,” she said.

“I checked the rest of the numbers online. I was numb. It took a bit of convincing everybody that we had won.”

She put the winning ticket in an Argos catalogue and put it under her mattress for safe-keeping.

“I didn’t sleep a wink all night,” she said.

The family has since deposited the winning ticket with the National Lottery and arrangements are being made for the prize claim to be paid out in the next few weeks.

A family spokesperson, who is married to one of the syndicate, said that the life-changing sum will take some time to get used to.

“We know this is a huge story and there is great excitement over this win,” he said. “We need time to let this news sink in and to prepare to collect our winnings. We are a normal family and we don’t want this to dramatically change our lives.”

Dolores McNamara celebrates her €115m win at Irish National Lottery Headquarters in 2005.
Dolores McNamara celebrates her €115m win at Irish National Lottery Headquarters in 2005.

Most of the family group are retired and are looking forward to having time to enjoy their winnings.

They are a well-known family in the Naul who have been in the area for two generations.

The winning ticket was sold in Reilly’s Daybreak in the village, which is just north of Fingal and has a population of less than 600.

Les Reilly, owner of the shop, said that he was “stunned, delighted and very happy” that the ticket was won locally. The shop will receive €25,000 for selling the winning ticket.

He described the village as “buzzing’ after the news broke.

“We wish them the best of luck, we offer huge congratulations from Daybreak and from the Naul community. We wish them the best of health and happiness,” Mr Reilly added.

Mavis Wanczyk, winner of the $758.7m Powerball Jackpot, one of the world’s biggest jackpot wins, in Massachusetts, in 2017.
Mavis Wanczyk, winner of the $758.7m Powerball Jackpot, one of the world’s biggest jackpot wins, in Massachusetts, in 2017.

National Lottery CEO, Dermot Griffin, congratulated the family on this amazing win.

“This is an historic day in the life of the National Lottery with the biggest ever payout from a draw-based game since we were established in 1987,” he said.

It is one of the biggest jackpots ever paid out in the EuroMillions draw, which is played in nine countries.

On just three occasions, the maximum jackpot of €190m has been paid out. The win comes just a few weeks after a couple in Armagh won €127m in the EuroMillions.

EuroMillions winner may have to pay bank to hold €175m prize

US bonds make sense, says Investec’s Dan Moroney.
US bonds make sense, says Investec’s Dan Moroney.

Take your time and don’t do anything hasty.

That’s the advice for Irelands newest multi-millionaires on the back of their record €175m EuroMillions win.

The interest rate alone would be enough to sustain an extravagant lifestyle — for life.

Just 1% per annum on a deposit of €175m would equate to an annual income of €1.75m, for example.

But an investment manager with Investec, Dan Moroney, indicated that may not be the case.

No domestic bank will actually give that rate of return, with most banks actually likely to charge a customer to deposit the prize money, he said.

“Most banks would probably pull the shutters down if they saw you coming with €175m,” he said.

“There is nowhere to get a solid and short-term return. That is just the reality of the environment we are living in.”

Mr Moroney continued: “For smaller sums, you will get a positive rate of interest, but not for a deposit of this size for which you would probably be charged a rate of 0.4%.

“That being the case, if you gave them the money, they would probably just park it in their reserve account with the Central Bank in which case they are likely to pass the cost on to the saver.”

However, with such a life-changing sum of money to play with, the winner or winners will not be short of options, he continued.

“People might start to think more global rather than looking around locally for ways to spend it.

“Most people may start to think in US dollars, for example. US government bonds would return an interest rate of 2% per annum,” he said, although they would be subject to currency fluctuations.

“For a lot of people, multi-generational support becomes more important and they will start to think in terms of decades instead of weeks or years. That gives the option of a diverse, broad book of long-term shares.”

Overall, Mr Moroney said “how to spend the winnings” should not be an immediate priority.

He said that establishing a good network of financial and legal support was far more important.

“This isn’t a standard lottery win,” Mr Moroney said. “It is an incredibly large sum. Take your time and don’t do anything hasty. That is the key.

“The winner should be shopping around to find reputable advice in a legal and financial sense.

“There is a lot of bad advice out there; a lot of the time it can be needless and can be a vehicle for extra fees so finding reputable support is important. In a sense, you need to build the foundations before building the house.

“Investment should be the final step of the puzzle.”

If an option was there, he said, the new winners should seek advice from previous winners.

“That advice could be invaluable,” he said. “What steps did they take, what would they do differently?”

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