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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.
Customers are provided with a physical deposit book and can deposit and withdraw from the account using the deposit book at any Post Office Branch. This service is run on behalf of the National Treasury Management Agency with other "Ireland State Saving" schemes offered by the Irish Government, including Prize Bond.
Lottery bonds are usually issued in a period where investor zeal is low and the government may see an issue failing to sell. By knowing ahead of time when the coupons will be paid and how many bonds will be redeemed at the original value and at the lottery value, the issuer can value the bond accurately and know ahead of time the cost of the borrowing.
Savings bond. Corporate bond. Interest. Yields are typically lower than corporate bonds, such as 3 percent to 4 percent. Interest varies considerably based on what the company offers.
After Ireland adopted the euro currency on 1 January 2002, the cost of a line of Lotto became €0.95, and the starting jackpot became €1.269 million (the euro equivalent of £1 million). For draws beginning 1 September 2002, the price of Lotto was rounded to €1 per line, and the starting jackpot was raised slightly to €1.35 million.
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Similar prize schemes operate in other countries, for instance this Premium Prize Bond certificate from India. Premium Bonds under various names exist or have existed in various countries. Similar programmes to UK Premium Bonds include: In the Republic of Ireland, Prize Bonds also originated in early 1957.
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