asked the Minister for Finance what is the estimated additional expense which would be involved by holding draws in the prize bond scheme more frequently than twice yearly.
Ceisteanna—Questions. Oral Answers. - Prize Bonds Draw.
The expenses immediately associated with a draw, namely those relating to preparing for and holding the draw, distributing the prizes and dealing with the withdrawals which follow a draw, amount to £1,000 approximately. It is necessary, for several reasons, that a draw for prizes be followed by an issue of bonds to the public. The advantage of the publicity aroused by the draw would otherwise be lost. A fresh issue attracts new money to offset the withdrawals which occur after every draw and prize winners are enabled to reinvest their winnings if they so wish. The cost of an issue, including, advertising, printing and commission, is approximately £14,000 and would be much the same whether issues were held twice a year or more frequently.
Has the Minister got in his brief the amount that was withdrawn after, say, the last draw — the gross amount withdrawn, not the offset?
That seems a separate question.
It is, Sir, but if it is in his brief I am sure he would be courteous enough to give it to us.
I am afraid I cannot find it.