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Order of Business

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Senator Terry Leyden

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Order of Business
Snippet Contents:

I request the Leader of the House to arrange for the Minister for Finance and Public Expenditure and Reform to come to the House to discuss the reduction in the interest paid for prize bonds. The National Treasury Management Agency has decided to again reduce the prize pool available for prize bond owners. It reduced the number of chances to become a millionaire from six opportunities per year down to only four last year and to two commencing from August 2017. The interest to be paid on prize bonds was reduced from 0.85% to 0.5%. In 2016, it was 1.25%. At present there is €3 billion in prize bonds that is used by the State for essential services. A draw for a prize of €50,000 tax free takes place every week and only twice a year, in June and December, the prize is €1 million tax free. The draw should be brought into the public domain using television. As RTÉ has the national lottery, I believe TV3 should broadcast a public draw on a weekly basis.