Dáil Éireann Debate, Tuesday - 9 March 2004
232 Mr. R. Bruton asked the Minister for Finance if there is a system of independent scrutiny and transparency on prize bond draws, such as that operated by the national lottery, which would assure subscribers of the fairness of prize winner selection procedures; and if he will make a statement on the matter. [7933/04]
View answerPrize bonds are Government securities which, instead of attracting interest, participate in weekly draws for cash prizes. The scheme is administered by the Prize Bond Company Limited, acting as agent for the National Treasury Management Agency. The Prize Bond Company is a joint venture owned equally by An Post and FEXCO, Killorglin, County Kerry. Draws are held every Friday at 10.30 a.m. in the GPO, O'Connell Street, Dublin, and are open to the public. The results are also presented on the website of the Prize Bond Company www.prizebonds.ie. At present, over 1,960 prizes are awarded to bondholders each week.
The draw is fully computerised. The process involves the generation of a sequence of random bond serial numbers by means of a specially written computer programme. Prizes, commencing with the largest, are then awarded to the winning bondholders in the order in which the bond numbers were drawn. The draw software has been verified by independent statistical consultants. They also analyse the results of every draw to check for randomness and their reports are submitted to, and evaluated by, the National Treasury Management Agency on a regular basis. In addition, a representative of the National Treasury Management Agency attends every draw so as to ensure strict adherence to the operational procedures set down for the conduct of the draw.
