Prize Bond

Funds raised are used to offset government borrowing and are refundable to the bond owner on demand.

When the scheme commenced, the biannual draws were in September and March where by means of six drums the winning serial number was drawn randomly; in 1972 the serial number was increased from six to seven digits for bonds issued after that time.

The Prize Bond Company is a joint venture between the founders An Post and FEXCO and is based in Killorglin, County Kerry.

The company was created in 1989 with issued share capital between the founders of 50% each and will operate the scheme under its current (as of 2011) contract until the end of 2019.

Today the unit price is 6.25 Euros (equivalent to IR£4.92 at the final fixed exchange rate) and a minimum purchase of €25 is required.