johnny2shoes
Registered User
- Messages
- 42
not everything has to be a conspiracy!
http://www.prizebonds.ie/about/faqs.html#Q5 said:When are the draws?
The draws take place every Friday in The Prize Bond Company Office, 3B GPO, O'Connell Street, Dublin 1 at 12.30pm. The presentation of the results can be viewed live at An Post, Investment Advice Centre, Andrew Street, Dublin 2.
http://www.irishstatutebook.ie/1957/en/si/0179.html said:4. (1) The following provisions shall have effect in relation to the conduct of the draw :
(a) there shall be an apparatus consisting of six containers capable of being rotated together, the containers being designated respectively from left to right facing the apparatus " index letter and hundreds of thousands ", " tens of thousands ", " thousands ", " hundreds ", " tens " and " units " ;
(b) there shall be counters bearing numbers concealed from view when the counters are closed ;
(c) in the container designated " index letter and hundreds of thousands " there shall be contained eleven closed counters bearing respectively the numbers 0, 1, 2, 3, 4, 5, 6, 7, 8, 9 and A.0 and in each of the remaining containers there shall be contained ten closed counters bearing respectively the numbers 0, 1, 2, 3, 4, 5, 6, 7, 8 and 9 ;
(d) the prizes shall be drawn for in order of amount, commencing with the largest prizes ;
(e) in relation to each prize...
etc etc
http://www.irishstatutebook.ie/1993/en/si/0337.html said:10. (1) The following provisions shall have effect in relation to the conduct of a draw:
( a ) there shall be a computer-based, software-driven, random number-generation system, which shall be subject to the approval of NTMA (the "system");
( b ) the system shall be capable of generating at random and recording, in the order in which they are generated, a series of any size of bond serial numbers provided always that a number, or series of numbers (the "seed"), be first entered into the system;
( c ) the system shall be subject to such tests for randomness as shall be determined by the Operator with the consent of NTMA;
( d ) a new seed shall be selected by lot for each draw in such manner as may be determined by the Operator with the consent of NTMA and such selection shall be regarded as part of the draw;
( e ) the procedure for selecting bonds for prizes shall be as follows:
(i) the seed shall be entered into the system;
(ii) the system shall generate at random a series of bond serial numbers (which may, if circumstances so require, include serial numbers which have not yet been allocated to bonds) and shall record the bond serial numbers so generated and the order in which they are generated;
(iii) for the purposes of maintaining secrecy in relation to the draw, the size of the series of bond serial numbers generated shall exceed the size required to exhaust the prize fund, and amount of such excess shall be determined by the Operator with the consent of NTMA, and the order in which the bond serial numbers are generated shall be mixed under a password-controlled software command;
(iv) any serial number generated which has not been allocated to a bond or which is the serial number of a bond—
(A) which has been cancelled prior to the month in which the draw is held; or
(B) whose serial number has previously been generated in the same draw
shall be disregarded and shall be ineligible for a prize and for the purpose of ascertaining which serial numbers are to be so disregarded, the register shall be consulted;
(v) the order in which the serial numbers of the bonds which are eligible for a prize were generated shall then be re-established under a password-controlled software command; and
(vi) the prizes shall be awarded to such bonds in descending order of amount in the order in which the bond serial numbers were generated until all the prizes have been awarded;
To be honest I'd imagine the draws are fair. But I think they're doneby computer and it's possible that there's errors in that process... like the E-Voting machines,.. can the software be trusted?
The old Irish Sweepstakes, and the Lotto, understand the importance of the draws being seen to be fair... this seems to be in contrast to the prize bonds. I personnally think there's a lack of info on how the draws are done.
If they're done by computer then the draw can hardly be witnessed... basically the computer would simply produce a list of winners.. the underlying software would have to be examined.
This means that the number of prizes is more than fair... i.e there will always be a final 75 Euro prize, even if that means the total prize fund is over 3.0%, or the current applicable interest rate. .. this is because not to have a final 75 Euro prize would result in total amount of prizes being less than the interest payable, which isn't allowable 'in any event;... But have they implemented this correctly?.. who knows, as the software is secret.same as the computer drawing page said:11. (1) The number of prizes and the amount of each prize to be awarded to bonds selected for prizes in a draw shall be determined by the Operator with the approval of NTMA provided always that the total amount made available for the payment of prizes generally shall not in any event be less than the amount of interest payable on all bonds outstanding.
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