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A Prize Bond is a non-interest bearing security issued on behalf of the Minister for Finance of the Republic of Ireland by the Prize Bond Company Limited. 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 means of random selection of bonds for the prizes. Security is a type of transferable interest representing financial value. ...
The Minister for Finance is the senior minister at the Department of Finance (An Roinn Airgeadais) in the Irish Government. ...
Background
The Finance (Miscellaneous Provisions) Act, 1956 (Part V) is the primary legislation under which the bonds are authorised. Bonds where first sold in March 1957, with the first draw held in September of that year. Originally the Bank of Ireland, as the governments banker, was the operator of the scheme. When the scheme commenced the biannual draws, in September and March, whereby 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. In 1993 regulation was made for the conduct of the draws on a weekly basis and by a computer driven random number generator, been software based, to determine winning numbers. The Bank of Ireland (ISEQ: BKIR_p) LSE: BKIR NYSE: IRE, officially known as the Governor and Company of the Bank of Ireland is a commercial bank operation on the island of Ireland, one of the Big Four. The bank was formed by an Act of the Irish Parliament in 1782...
A serial number is a unique number that is one of a series assigned for identification which varies from its successor or predecessor by a fixed discrete integer value. ...
A random number generator is a computational or physical device designed to generate a sequence of numbers that does not have any easily discernable pattern, so that the sequence can be treated as being random. ...
Organisation 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 contract until October 31, 2009. Employees of the Prize Bond Company are seconded from the respective partner, FEXCO is responsible for administration, whilst An Post is responsible for accounting and marketing in addition to conducting the draws. A small An Post post box attached to a telephone/electricity pole. ...
A goat atop the Puck Fair stand. ...
Statistics Province: Munster County Town: Tralee Code: KY Area: 4,746 km² Population (2002) 132,527 Website: www. ...
The National Treasury Management Agency has since its establishment, in 1990, had authority over regulation.
Finance Originally bonds could be purchased as in units of £5(Punt), with a minimum purchase of £10 been required. Currently a unit is €6.25 and a minimum purchase of €25. Weekly prizes, drawn on Fridays at 12:30 in the GPO, Dublin, range from €75 to a jackpot of €20,000, except on the first draw every month when the jackpot is €150,000. The annual prize giveaway is 2.4% of the total fund. Winnings are tax free within the Republic of Ireland. Recently there has been some concern that the bonds do not represent value for money for the government, in particular the cost of administration relative to the cost of interest on borrowings1. The harp has long been associated with the Irish pound, here on a 1990 Irish pound coin. ...
The General Post Office (GPO) (Irish: Ard-Oifig an Phoist), designed by Francis Johnston and built in 1814, is located in Dublins OConnell Street, is the headquarters of An Post, the postal service of the Republic of Ireland. ...
WGS-84 (GPS) Coordinates: 53. ...
Reference Note 1: Sunday Business Post (February 05, 2006) Prize Bond scheme costs more than borrowing
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