Spike in amount in bond scheme

THE amount invested in the Government’s National Solidarity Bond has leapt from €70m in July to the latest figure of €255m.

More than 11,500 people have now invested in the scheme, meaning an average investment of just over €22,000.

The National Solidarity Bond allows members of the public to invest anything between €500 and €250,000 and earn 1% interest each year and bonuses of up to 50% if they leave their money in the scheme for five, seven or 10 years.

The bond is being run by the NTMA and sold via An Post. Its success has been put down to the continuing lack of confidence in the banks.

Cork South Central TD Michael McGrath, who obtained the latest figures from the Department of Finance said the bond has been a real success story.

“The purpose of the bond is to allow citizens an opportunity to invest and provide money to the state to stimulate economic recovery and to assist in the maintenance and creation of employment, while at the same time earning a high rate of return on their investment,” he said.