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Auntie May reduces Prize Bond monthly €1 m Jackpot by €500k


Deep Blue

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Jul 4, 2012
Messages
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The National Treasury Management Agency has announced tonight that it plans to reduce the monthly jackpot of €1m to a two-monthly payout.

Prize Bond monthly


At the end of last year it stated that the top prize would remain untouched although the overall prize fund would be reduced.
It's all down to the lower cost of our borrowings you see, which is good news??

Lower borrowing costs to hit Prize Bonds | Irish Examiner

Amount paid out in prize bonds to be reduced - Irish News, World News & More | The Irish Times - Tue, Dec 18, 2012

How long before the Government decides to seize the funds altogether?
After all, you're not using the money, therefore you don't need it....

Is it time to redeem those Prize Bonds that Granny bought for your Confirmation, etc., which, if they're anything like mine, probably seemed to be stuck to the bottom of the barrel anyway?
Have you ever had a win?

(Note timing of this announcement: Sunday Night News on Bank Holiday weekend)
 
Last edited:


Burnout

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Twitter
I have a life.
Noted...
 

'orebel

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More here:
NTMA announces new issues of State Savings products and changes to interest rates | National Treasury Management Agency (NTMA)
Prize Bonds prize fund rate is now 1.75% – with effect from Sunday 2 June 2013 the variable rate of interest used to determine the value of the monthly prize fund is 1.75%. The top prize structure is also changing. Previously there was a €1 million prize each month, but now, with immediate effect, there will be a €1 million prize in the last weekly draw of each second month, viz. February, April, June, August, October and December.
Down to 1.75% down from 2.25% having previously been 3%.

Also state savings interest rates have been hugely reduced at the behest of the banks.

In april these were the rates:
• 3 year Savings Bonds paying 7% (AER 2.28%) tax free;
• 4 year National Solidarity Bond paying 12% gross (AER 2.87% gross or 2.57% net)
• 5 year Savings Certificates paying 15% (AER 2.83%) tax free and the;
• 10 year National Solidarity Bond paying 45% gross (AER 3.79% gross or 3.55% net)
Now:
• 3 year Savings Bonds paying 4% (AER 1.32%) tax free;
• 4 year National Solidarity Bond paying 8% gross (AER 1.94% gross or 1.63% net)
• 5 year Savings Certificates paying 11% (AER 2.11%) tax free and the;
• 10 year National Solidarity Bond paying 35% gross (AER 3.05% gross or 2.79% net)
Prizebonds - Corporate Information

Not liking this.
 

Cooperate for freedom

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Nov 11, 2010
Messages
3,701
The level of contempt this government bears for the citizens of this state knows no bounds. Minimum prize 50 euro isn't much good and 1 million every second month reduces the possibility of a life changing win. Better I'd have thought to cut the monthly jackpot to 500k. A sizeable amount by any measure which would put most people into a lifetime of financial security.
 

rockofcashel

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Little one won 75 quid last year.. she was made up.. tis a bit of a scam though
 

Odyessus

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May 16, 2007
Messages
12,987
The National Treasury Management Agency has announced tonight that it plans to reduce the monthly jackpot of €1 to a two-monthly payout.

Prize Bond monthly


At the end of last year it stated that the top prize would remain untouched although the overall prize fund would be reduced.
It's all down to the lower cost of our borrowings you see, which is good news??

Lower borrowing costs to hit Prize Bonds | Irish Examiner

Amount paid out in prize bonds to be reduced - Irish News, World News & More | The Irish Times - Tue, Dec 18, 2012

How long before the Government decides to seize the funds altogether?
After all, you're not using the money, therefore you don't need it....

Is it time to redeem those Prize Bonds that Granny bought for your Confirmation, etc., which, if they're anything like mine, probably seemed to be stuck to the bottom of the barrel anyway?
Have you ever had a win?

(Note timing of this announcement: Sunday Night News on Bank Holiday weekend)
What do you mean "seize the funds"? The government already has the funds; that's the idea of selling bonds.
 

Cooperate for freedom

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Nov 11, 2010
Messages
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Little one won 75 quid last year.. she was made up.. tis a bit of a scam though
The scam is that they are only cutting it to suit the banks.

I think they're great in theory, nice to be in a draw every week but this cut is turning me off.
 

Odyessus

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May 16, 2007
Messages
12,987
Little one won 75 quid last year.. she was made up.. tis a bit of a scam though

Why is it a scam? You are aware you are not obliged to buy the bonds or continue to hold them if you don't think they are a good deal, right?
 

Raketemensch

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Joined
Apr 11, 2009
Messages
3,128
The National Treasury Management Agency has announced tonight that it plans to reduce the monthly jackpot of €1 to a two-monthly payout.
What, 50 cent a go? Hardly seems worth the effort, or maybe I'm just one one the 'elite'.
 

Deep Blue

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Jul 4, 2012
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What do you mean "seize the funds"? The government already has the funds; that's the idea of selling bonds.

I dunno, just take over the funds, make them irredeemable, change the conditions; they'll think of something....
 

'orebel

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Nov 13, 2009
Messages
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You had me there for a minute One One; I had to check!

But yes, the OP does say €1m;)
Title says €1m. OP says:
The National Treasury Management Agency has announced tonight that it plans to reduce the monthly jackpot of €1 to a two-monthly payout.
 

The Old Woman

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Aug 27, 2012
Messages
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Can they do this given that those that hold prize bonds have bought them on the understanding of a monthly draw?

surely they can do it for those who purchase into the future but not for those that currently hold them?
 

LadyLou

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Dec 20, 2010
Messages
1,374
I have a few prize bonds since Moses was a lad and I've never had a penny off them.
 

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