Four millionaire draws for prize bonds as investments hit record high

INVESTORS in prize bonds, who provide 1.5% of the state’s national debt of €51 billion, are being rewarded with four annual draws of €1 million.

However, while investments in prize bonds hit a record high in 2008, the Prize Bond Company says that it has no plans to allow would-be investors from around the world, but based outside Ireland, to buy prize bonds through its website.

Postal applications from around the world are accepted.

Announcing Prize Bond’s €1m Spring jackpot draw yesterday, the Prize Bond Company said that €279m had been invested in 2008, almost double the figure for 2007 (€143m). This resulted in a net increase of €175m to €803m.

The €1m Spring jackpot draw, the first of four €1m Jackpots this year, will take place on Friday, March 27.

Referring to the Spring Jackpot, Prize Bond Company chairman Michael O’Keeffe said: “Mother’s Day is an ideal occasion to give Prize Bonds as a gift, giving mothers a chance to win €1m or one of thousands of other cash prizes on Friday, March 27, and afterwards for as long as the bonds are held.”

Mr O’Keeffe said the value of the prizes awarded in 2008 was over €20m, the highest ever amount awarded in any year to date — up by more than one quarter on the previous year.

“Buying Prize Bonds is popular across all ages, in all regions of the country and across all social backgrounds.

“Of course, every Prize Bond is entered in every draw, every week.

“This is a major part of the appeal of Prize Bonds. We have found that Prize Bond holders who originally receive Prize Bonds as a gift often go on to purchase Prize Bonds for themselves — a great vote of confidence in the product,” Mr O’Keeffe added.

Last September, before the Government bank deposit guarantee was introduced, a record €87m worth of prize bonds were sold in a single month.

While this fell back to normal levels in the intervening months the company said the vast bulk of the €87m invested in September has remained in place.

* Prize Bonds can be purchased at the Post office, at www.prizebonds.ie or Callsave 1850 67 1000.