The Prize Bond scheme, which was originally set up as a cheap way for the government to raise money, now costs more than conventional borrowing on the open market.
The Prize Bond Company, a joint venture between Kerry-based payments group Fexco and An Post, said last week that it paid out €12.5 million in prizes last year. Chairman Michael O’Keeffe said monthly prizes passed the €1 million mark for the first time.
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