€25k invested in prize bonds

Agent Smyth

The Prize bonds are a lottery bond or a non interest bearing bond which means there is no guaranteed return for the bond holder
The return for the bond holder is a chance to win a prize from the prize fund
but if this prize fund keeps getting smaller and the Prize bond fund keeps getting bigger, one has to ask the question

Is there a future for the Prize bonds in our present climate of low interest rates???

Geuze

Negative_G wrote: »

To be honest. I had assumed that the money used to purchase bonds would've been invested elsewhere in order to provide a some form of a return.

You learn something new everyday.

I can think of far worse things which are a burden on taxpayers than the rather frugal winnings that are issued to prize bond holders.

Prize Bonds, and all State Savings, are the State borrowing off you, the saver.

The State then use the borrowed funds to cover their expenditure.

The State can borrow by issuing bonds at 0% over short-term, and at maybe 1% over 10 years.

So to pay more on Prize Bond debt would be foolish.

Geuze

Other State Savings offer higher rates, up to 1% AER.

Agent Smyth

Geuze wrote: »

Prize Bonds, and all State Savings, are the State borrowing off you, the saver.

The State then use the borrowed funds to cover their expenditure.

The State can borrow by issuing bonds at 0% over short-term, and at maybe 1% over 10 years.

So to pay more on Prize Bond debt would be foolish.

The prize bond debt is a loan that the state will probably never pay back,
therefore It's an interest only loan to the state and they should pay a higher rate for that privilege

Squatter

pwurple wrote: »

Does anyone here know where to complain about prize bonds?

We moved house a couple of times, and we mislaid the envelope containing prize bonds given to my kids by relatives when they were babies. Total value, just over 1000 euro.

I wrote to the prize bonds in 2015, gave them names and address, officially changing our address on their systems, and asked them to do a search for issued bonds. Letter came back, saying "We have not located any prize bonds registered in the names you provided , at the addresses you provided". I filed it away for reference in case if I ever found them.

This morning, I found the envelope, it had fallen into another file. The names and addresses exactly match what I had given them.

I am going to cash out of course now, because I have no faith whatsoever in them, but I want to highlight this case to an ombudsman or similar. What is my route?

ninja edit to add, These were bonds taken out in 2011. No prizes notifications in 6 years on ~ €1000.

Go online and check for any unclaimed prizes here:-

https://www.statesavings.ie/PrizebondsApp/Results/UnclaimedPrizes.aspx


good luck!

Geuze

Agent Smyth wrote: »

The prize bond debt is a loan that the state will probably never pay back,
therefore It's an interest only loan to the state and they should pay a higher rate for that privilege

It's not an interest free loan.

The State pay 0.85% on this debt, that's the rate up until last week I think.

Cut to 0.50% now, isn't it?

Whereas we issued short term Govt bonds at a negative rate recently.

Bob24

Agent Smyth wrote: »

The prize bond debt is a loan that the state will probably never pay back,
therefore It's an interest only loan to the state and they should pay a higher rate for that privilege

Past the first three months period they will be paid back to you anytime you want. So effectively you are lending money with the right to request a full repayment whenever you feel like it (to one of the safest borrowers in the country). Those are extremely flexible terms for you as the lender so they don't command a very high interest rate.

pwurple

Squatter wrote: »

Go online and check for any unclaimed prizes here:-

https://www.statesavings.ie/PrizebondsApp/Results/UnclaimedPrizes.aspx


good luck!

Thanks, but that's not quite what I'm after. Unclaimed prizes expire in a very short space of time. And, I have postal redirections set up. There are zero prizes on the 1000 euro over 6 years that I was notified of.

I want to report the incorrect information given to me as either an error/theft/fraud. What authority who oversees prizebond administration?

MysticMonk

pwurple wrote: »

What authority who oversees prizebond administration?

Probably the same one that overseas the "draw" ..Good luck with that!

dxhound2005

pwurple wrote: »

Thanks, but that's not quite what I'm after. Unclaimed prizes expire in a very short space of time. And, I have postal redirections set up. There are zero prizes on the 1000 euro over 6 years that I was notified of.

FAQ 13.

13. What happens to unclaimed prizes?
If someone does not claim their prize within 6 months of the draw date, the prize is entered onto our unclaimed prizes
database. The prize is then held, indefinitely until the holder comes forward to claim it. All unclaimed prizes are listed on our
database at www.StateSavings.ie and you can also get details of unclaimed prizes by telephoning 1850 30 50 60.

Crunchienut

pwurple wrote: »

What authority who oversees prizebond administration?

The NTMA

Agent Smyth

Bob24 wrote: »

Past the first three months period they will paid back to you anytime you want. So effectively you are lending money with the right to request a full repayment whenever you feel like it (to one of the safest borrowers in the country). Those are extremely flexible terms for you as the lender so they don't command a very high interest rate.

Makes perfect sense

greenbamboo

Only 4068 prizes today and there was 7293 last week. Pathetic. Things were bad enough and now this........

Time to cash out me thinks

pwurple

dxhound2005 wrote: »

FAQ 13.

13. What happens to unclaimed prizes?
If someone does not claim their prize within 6 months of the draw date, the prize is entered onto our unclaimed prizes
database. The prize is then held, indefinitely until the holder comes forward to claim it. All unclaimed prizes are listed on our
database at www.StateSavings.ie and you can also get details of unclaimed prizes by telephoning 1850 30 50 60.

Thanks. I've done that. To be crystal clear: There are no unclaimed prizes. I've put them in online, 1000 euro since 2011 = zero return. That's a net loss in my book. Doesn't even track inflation ffs.

I have no earthly interest in gambling, these will be cashed out shortly and put somewhere with a return.

However, I am annoyed that 1000 euro of mislaid bond certificates could not be claimed when I provided all the registration details. I wish to follow this up.

pbwinner

Winnings on 4th August 2017: €0
Last win 7th July 2017: €50
Total winnings on €25k from Feb 2011 to date: €2400
2011: €75 x 4 €300
2012: €75 x 6 €450
2013: €50 x 12 €600
2014: €50 x 9 €450
2015: €50 x 5 €250
2016: €50 x 5 €250
2017: €50 x 2 €100

pbwinner

pwurple wrote: »

dxhound2005 wrote: »

FAQ 13.

13. What happens to unclaimed prizes?
If someone does not claim their prize within 6 months of the draw date, the prize is entered onto our unclaimed prizes
database. The prize is then held, indefinitely until the holder comes forward to claim it. All unclaimed prizes are listed on our
database at www.StateSavings.ie and you can also get details of unclaimed prizes by telephoning 1850 30 50 60.

Thanks. I've done that. To be crystal clear:  There are no unclaimed prizes. I've put them in online, 1000 euro since 2011 = zero return. That's a net loss in my book. Doesn't even track inflation ffs.

I have no earthly interest in gambling, these will be cashed out shortly and put somewhere with a return.

However, I am annoyed that 1000 euro of mislaid bond certificates could not be claimed when I provided all the registration details. I wish to follow this up.

Well I know where you DON'T complain, and that's by posting on a thread dedicated to PB winnings! :ermm: 
You've been given two correct answers - NTMA directly or the phone number in FAQ 13 on their site: 1850 30 50 60
Good luck.

Sligo Quay

Nothing this week, last win 2nd June €50.
You can really see the decrease in the prize fund this week after last week's announcement.
3 of the six counties in Northern Ireland had zero winners and the other 3 counties had winners in single figures, Dublin for the first time has dropped below 2,000, overseas had only 64 winners this week.
This is a very serious decrease, brace yourselves for a long drought, next month September is the 60th anniversary of the first draw which took place September 1957, the way things are going, Prize Bonds won't be celebrating, they do the exact opposite, there is no million jackpot next month, you'll have to wait till December.

Cork Lass

Nothing again for us this week. It's hardly worth checking at this rate

Agent Smyth

If my figures are correct it would appear the PB fund is now about 3,160,440,000 Euro as of the end of July 17,
Which means at the moment there are about 505,670,400 bonds.

During July I reckon the PB fund grew by 91,357,648 Euro,
Which means there will be an extra 14,617,223 bonds in each draw during August compared to July.
July's growth has added 176 extra €50 prizes to the weekly draw if .5% instead of .85% for july's prizes

I would estimate that on average there was a net growth in the PB fund of 4,567,882 Euro for each working day during July.

June's daily growth €1,786,487 old rate 1.25%
July's daily growth €1,500,280 new rate .85%
August's daily growth €1,529,411 @ .85%
September's daily growth €1,251,336 @ .85%
October's daily growth €145,658 @ .85%
November's daily growth €2,101,279 @ .85%
December's daily growth €3,868,512 @ .85%
Janurary's daily growth €1,768,797 @ .85%
February's daily growth €1,590,588 @ .85%
March's daily growth €1,418,181 @ .85%
April's daily growth €1,308,497 @ .85%
May's daily growth €1,107,002 @ .85%
June's daily growth €1,170,985 @ .85%
July's daily growth €4,567,882 @ .85%

Is there anybody who could corroborate my figures because Julys figure is just to big ??
Normally around 25 mill a month but July seems to be 91 mill
Maybe it's the reason for the interest rate drop ??

tuisginideach

Nothing this week - no surprise there.

Thargor

Thanks for the tip about the slashed prize fund again, I didnt hear anything about it in the media. Usually when you'd have a large chunk of savings lodged with an institution and they decided to slash the rates you were getting for no reason you'd expect that to trigger a letter in the post or even an email but they're obviously more laid back about that kind of thing down in Kerry. Ill be moving somewhere else soon, maybe actual government bonds, some European countries returns are quite high even though theres feck all risk of Germany or the ECB letting anyone go to the wall.

Negative_G

Thargor wrote: »

Thanks for the tip about the slashed prize fund again, I didnt hear anything about it in the media. Usually when you'd have a large chunk of savings lodged with an institution and they decided to slash the rates you were getting for no reason you'd expect that to trigger a letter in the post or even an email but they're obviously more laid back about that kind of thing down in Kerry. Ill be moving somewhere else soon, maybe actual government bonds, some European countries returns are quite high even though theres feck all risk of Germany or the ECB letting anyone go to the wall.

It was noted on their website and also a large quarter page ad in the Independent. There may well have been other ads in other papers.

dxhound2005

Thargor wrote: »

Usually when you'd have a large chunk of savings lodged with an institution and they decided to slash the rates you were getting for no reason you'd expect that to trigger a letter in the post or even an email but they're obviously more laid back about that kind of thing down in Kerry.

That is not the case with NTMA products. Anyone who held bonds over the years will know that no postal or email notifications were ever issued. If such notifications were to be issued, every investor and not just those with a large chunk would be entitled to be included.

http://www.ntma.ie/news/2013/12/08/new-state-savings-issues-and-interest-rate-changes/

At any time, the NTMA may amend the fixed or variable interest rates and the number and value of Prize Bond prizes. Prior to the introduction of any such changes, a notice is placed in the national newspapers and full details are available on www.StateSavings.ie.

Dionysius2

greenbamboo wrote: »

Only 4068 prizes today and there was 7293 last week. Pathetic. Things were bad enough and now this........

Time to cash out me thinks

I have two close relatives qualified and working in this State as auditor(one) and fin/controller (t/other) respectively. Both are bright sparks and say that putting money in PB (don't make me laugh by ref to PB as an investment) is stupid and silly beyond belief once the risks are assessed but the public know no bounds once a particular course of action looms into view. Nevertheless I have decided (with a couple of others) to remove our money and do something better with it. Wish I could convince them of the logic involved.

tuisginideach

tuisginideach wrote: »

Nothing this week - no surprise there.

Ditto :(

Cork Lass

:(:(

dxhound2005

dxhound2005 wrote: »

My €10K block came up with another winner today, just two weeks after the previous one. That makes €100 won by that block in each of 2014, 2015, 2016 and 2017 to date.

Congratulations you have new winners.

Draw Date
Prize Value
Bond Number
07 July 2017
€50
GI471715

Another winner from my €10K block. That makes three this year, all within the last two months.

Congratulations you have new winners.
Draw Date
Prize Value
Bond Number
11 August 2017
€50
GI471890

tuisginideach

Well done dxhound - you have beaten the bogey!

Sligo Quay

PB must be monitoring this thread, as I was thinking about saying good bye, I win €50 euro this week , maybe they'd missed me
After nearly 8 weeks €50 today on 30k batch, last win 2nd june.

tuisginideach

Delighted for you, Sligo Quay. I have just this minute printed off and filled in the first of the Repayment Forms ...