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A Prize Bond is a lottery bond, a non-interest bearing security issued on behalf of the Irish Minister for Finance by the Prize Bond Company DAC. Funds raised are used to offset government borrowing and are refundable to the bond owner on demand. Interest is returned to bond owners via prizes which are distributed by random selection of bonds.
To raise funds during Ireland's post-2008 economic downturn, the Irish government sold the National Lottery licence for 20 years to a private operator, Premier Lotteries Ireland DAC (PLI), which was initially majority-owned by the Ontario Teachers' Pension Plan, with a minority stake held by An Post and An Post Pension Funds. PLI began ...
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The prize fund is paid for out of the equivalent interest payable on the entire bond pool for that month. As of 2020 the prize fund rate is 4.65% [5] implying that a bond holder can expect to achieve a mean long term return of 4.65% per annum. In reality, the nature of a lottery bond means that median returns are lower and are increasing in the ...
The bonds are entered in a monthly prize draw and the government promises to buy them back, on request, for their original price. The government pays interest into the bond fund (4.15% per annum in December 2024 but decreasing to 4% in January 2025) [ 1 ] from which a monthly lottery distributes tax-free prizes to bondholders whose numbers are ...
McCarthy, now acting as Fexco chairman, is also chairman of the Irish Prisons Board. [10] Former Tánaiste Dick Spring was appointed as an executive vice-chairman of Fexco in 2002. [11] As of 2009, services offered by Fexco included prize bonds, dynamic currency conversion and related customer services. [12]
11 March – Prize Bonds were introduced; the Bank of Ireland operated the scheme on behalf of the Minister for Finance. May–September – Fethard-on-Sea Ne Temere boycott: a Roman Catholic priest and some of his parishioners organised a boycott of Protestant-owned local businesses. [5]
It is generally referred to as the Irish Sweepstake or Irish Sweepstakes, frequently abbreviated to Irish Sweep or Irish Sweeps. The Public Charitable Hospitals (Temporary Provisions) Act, 1930 was the act that established the lottery; as this act expired in 1934, in accordance with its terms, the Public Hospitals Acts were the legislative ...