Sir, – Is the weekly prize bond payout overly restricted in a period of rising interest rates and inflation?
The European Central Bank recently upped its interest rate to 3.5 per cent, yet the weekly prize bond payout, grossed up to a per annum basis, is only 0.35 per cent of the fund value, a tenth of that.
Investors in prize bonds, many of them small savers, deserve better than that from the National Treasury Management Agency, which sets the rate. – Yours, etc,
ANDREW J MORAN,
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Woodford,
Co Galway.
