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

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

    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 by Deep Blue; 3rd June 2013 at 02:23 AM.

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    Politics.ie Member Burnout's Avatar
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    Noted...

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    Politics.ie Member 'orebel's Avatar
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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.
    "It is important therefore that I clarify to the House that in the first instance there are significant monies within Anglo-Irish to take the strain of loan losses arising over the next three or four years, before State support is engaged." Brian Lenihan 15/01/09

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    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.
    "I can see that your head has been twisted and fed with worthless foam from the mouth" (Bob Dylan)

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    Politics.ie Member rockofcashel's Avatar
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    Little one won 75 quid last year.. she was made up.. tis a bit of a scam though
    1,197 people agree with me.. how many agree with you ?

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    Quote Originally Posted by Deep Blue View Post
    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.

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    Quote Originally Posted by rockofcashel View Post
    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.
    "I can see that your head has been twisted and fed with worthless foam from the mouth" (Bob Dylan)

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    Time to cash them in so.

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    Quote Originally Posted by rockofcashel View Post
    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?

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    Quote Originally Posted by pierrepoint View Post
    Time to cash them in so.
    Be sure to lodge the money to the bank, just like the government want you to.
    "I can see that your head has been twisted and fed with worthless foam from the mouth" (Bob Dylan)

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