Number one: Prize bonds still rock 50 years on

YOUNG Elvis Presley had burst onto the world stage, Jailhouse Rock was a huge hit and the Irish economy was racked by unemployment and emigration.

The year was 1957 when finance minister James Ryan introduced a unique scheme, giving the people a state-guaranteed means of saving and the chance — for a fiver — to win super cash prizes.

Fifty years later, Elvis has passed on, but our love affair with prize bonds has gone from strength to strength. In the past five years alone, sales have gone up by nearly 80%.

For the fourth consecutive year, the prize bonds scheme has had annual sales of €100 million, Prize Bond Company chairman Michael O’Keeffe said yesterday.

Since the first draw in September 1957, more than one million prizes, worth almost €250m, have been awarded.

People young and old buy prize bonds, receive them as gifts, or include them in their investment portfolios. Bond holders span the length and breadth of the country, while many others who have moved abroad have retained their bonds, resulting in a diaspora of prize bond holders, said Mr O’Keeffe.

“With the current stock market volatility, capital security is increasingly important toinvestors and savers alike,” he said.

“Prize bonds are like no other savings or investment option in Ireland in that they offer the unique combination of 100% capital security with a State guarantee and the chance to win major cash prizes.”

Today, a prize bond unit costs €6.25 and there are 2,650 prizes in every weekly draw.

Communications MinisterEamon Ryan, guest of honour at the 50th anniversary celebration, revealed how prize bonds were taken out for each of his four children when they were born.

People who retain the number of their mislaid prize bond document which has won a prize can still collect. They need to write to the company giving year of purchase, their then address and signature.

These details can then be compared with the particulars (and signature) on the original application. The Prize Bond Company is a joint venture between An Post and the Co Kerry-based Fexco Centre in Killorglin.

Meanwhile, last night’s Lotto jackpot was worth €7.5m, the seventh roll-over draw since August 11.