Prize Bond fund soars to €1.3bn

SALES of prize bonds — the non-risk, tax-free state-run savings scheme — grew by nearly 8% to a record €398 million last year, but €1.66m worth of prizes remain unclaimed.

The value of the prize bond fund stood at €1.3 billion at the end of 2010, which is the highest in the scheme’s history and just under 24% higher than the end of 2009. The value of cash prizes awarded to prize-bond holders also reached a record high last year; the €36m total up by 29% on the previous year.

As of the end of last year, the unclaimed prize fund — built up over the half century history of the scheme — amounted to €1.66m, less than 0.3% of the value of prizes awarded since the launch of the scheme in 1957. The top unclaimed prize is for €20,000, while over 75% of unclaimed prizes have a value of €250 or less. All cash prizes are tax-free and can be cashed in by winners any time after the minimum three-month holding period.