New €1m jackpot for prize bonds

A NEW 10-year contract for the operation of the prize bonds scheme has been awarded to the Prize Bond Company, with a new €1 million monthly jackpot prize, it was announced yesterday.

The National Treasury Management Agency (NTMA) confirmed that it has decided to award a new 10-year contract for the operation of the prize bonds scheme to the Prize Bond Company Ltd.

The existing contract, held by the same company, expires at the end of October.

The new contract will be for a period of 10 years from November 1.

The Prize Bond Company Ltd is a joint venture between An Post and Fexco, the financial services company in Killorglin in Co Kerry. Each has a 50% shareholding in the company.

The award of the contract follows the submission and evaluation for tenders for the services of operating the scheme.

The NTMA also announced that, with immediate effect, a jackpot prize of €1m will be awarded in the prize bond draw held on the last Friday of every month.

At present, just four jackpot prizes of €1m are awarded throughout the year.

In the weekly draws, other than a jackpot prize draw, the top prize will be €20,000 and the total number of prizes to be awarded in each draw will be more than 3,500.

Prize bonds are government securities which, instead of paying interest, entitle holders to participate in weekly draws for cash prizes.

Nearly €950m is outstanding in prize bonds and over €180m has been invested in bonds to date this year.