Sir, – For some time now, surreptitiously and without much notice, the Government and the National Treasury Management Agency have been dramatically reducing the prize bond prize fund.
The reductions have taken place despite the amount on deposit with the NTMA increasing year on year; as of now the overall fund is in excess of €2.5 billion. Realistically only those with substantial deposits have any chance of winning even the miserly weekly €50 consolation prize.
A few years ago there was a monthly top prize of €1 million, but this was reduced to quarterly two years ago, and since last July the draw for the top prize is held only twice a year. The consolation prize has been reduced over the same period from €100 to €75 and now €50.
It is now pointless and a waste of money for unsuspecting grandparents, as is their wont, to give their grandchildren a few bonds for birthdays, and so on. People with spare cash to invest should look elsewhere.
Those with more modest amounts in the fund who used to get an odd €50 now find that paltry sop has dried up permanently, so they would be better advised to spend their hard-earned cash on scratchcards or the gee-gees.
For one, I will be withdrawing my long-established useless investment in prize bonds and, based on a tip from a jockey friend, will be putting at least some of it on the 3.15 at Haydock next week.
By the way, the tip is for an old nag called “Fool me once”. – Yours, etc,
JOHN LEAHY,
Cork.