Half-century-old Prize Bond fund reaches a record €4.7bn

At the end of 2022, unclaimed prizes amounted to €3.38m which are held indefinitely until claimed by a bondholder.

The state's Prize Bond fund has reached a record €4.7bn after gross sales of more than €615m were recorded last year.

First established in 1957, Prize Bonds are part of the wider range of Ireland State Savings products offered by the National Treasury Management Agency (NTMA) alongside Savings Certs and Saving Bonds, and the fund forms part of the State's national debt. The scheme is operated by the Prize Bond Company, a joint venture between An Post and Fexco, on behalf of the NTMA.

According to the company's annual report, there were 237,659 prizes awarded in 2022, with a total value of €16m. More than 4,000 prizes are issued weekly, and a €250,000 prize draw takes place four times a year, in March, June, September, and December.

At the end of 2022, unclaimed prizes amounted to €3.38m which are held indefinitely until claimed by a bondholder. The sales for 2022 represented a 5.% increase in the overall fund. The company said website enhancements were made in 2022 to make new and repeat purchases easier for customers. Almost 20% of all Prize Bond sales last year were generated online compared with 18.1% in 2021. The Post Office remains the primary point of sale, with over 56.8% compared to 54.6% in 2021 of Prize Bonds purchased via the network.

Debbie Byrne, Chairperson of the Prize Bond Company said: “I am pleased to report a strong performance for 2022, reflecting continued customer confidence in Prize Bonds as a unique retail investment product. The value of the Prize Bond fund grew to almost €4.7bn last year, its highest ever, with gross sales of €615.7m for the year. The chance to win prizes weekly remains a defining feature of the Prize Bonds product and part of its enduring popularity."