Prize Bonds fund up 9%

The Prize Bonds fund grew 9% to a record €1.45bn last year showing ongoing demand for the State-run savings scheme.

The number of cash prizes awarded, during 2011 was 385,078 — the largest amount in the 54-year history of the scheme — and a 27% increase on 2010 levels. The number of purchases increased by 3% to 339,000.

Prizes awarded to bond holders also reached a record high of €42m last year (an increase of 17% on the previous year). This is also the highest value of prizes awarded in any year to date.

Actual gross sales of prize bonds fell slightly last year, from €398m in 2010 (which was a record) to €311m.

Net sales stood at €118m. The Prize Bond Company said yesterday that the upward trend of sales continued into the first quarter of this year, with a year-on-year rise of 11% in the volume of purchases recorded.

“2011 was yet another strong year for Prize Bonds, building on significant growth achieved in the previous five-year period,” chairman of the Prize Bond Company, John Daly, commented. “The last five years have been particularly successful for Prize Bonds, which highlights the enduring appeal of the scheme, which has been running for 54 years.