Lower borrowing costs to hit Prize Bonds

Prizes on offer for holders of Prize Bonds are to fall in the new year as a result of the decreasing cost of Government borrowing.

While the main monthly €1m Prize Bond draw and the top prize of €20,000 for each weekly draw will continue, there will be fewer winners of €1,000, €100, and €50 prizes as there will be less money available to finance them.

In January, the NTMA, which administers the Prize Bonds scheme, is to amend the formula by which it calculates the total prize money on offer. It will mean a lower payout to Irish citizens who lend to the State.