Nora Owen
Ceist:78 Mrs. Owen asked the Minister for Finance if he will give details of the contract with a company (details supplied) and the annual payments each year since 1989.
Written Answers. - Company Contract.
The contract to which the Deputy refers was signed on 9 May 1989 and has effect until 30 April, 1999. It provides for the operation by the company in question of the prize bond scheme on behalf of the Minister for Finance. In particular, it requires the computerisation of the prize bond records and the automation of the prize bond draw. Both of these projects have been completed.
The contract also provides for specified payments to the company to cover the costs of administration and marketing, and for an incentive commission in the event of net sales of prize bonds exceeding a given amount. These payments (exclusive of VAT) in each calender year since 1989 were as follows: 1989 (1 May to 31 December), £1,525,000.00; 1990 (full year), £2,086,000.00; 1991 (full year), £2,244,000.00; 1992 (full year), £2,360.930.72.