The Prize Bond Company has doubled the number of prizes per week by introducing a £50 (€63.53) prize and reducing £100 prizes.

The total prize fund has remained almost the same. From now on, there will be 1,537 prizes a week, increasing the chances of winning on a 12-month £1,000 investment from one in six to one in three.

The £100 prizes have been reduced to 50 from 732.

The company has also increased the minimum purchase to £20 from £10.

The average purchase of prize bonds is £240 and the bonds will continue to be sold in £5 units.

The most recent research indicates that one in three adults hold at least one prize bond.

The monthly jackpot prize remains at £100,000 as does the weekly £15,000 star prize.

The Prize Bond Company has also introduced a new brand identity and revamped its website.

The company's website - www.prizebonds.ie - gives customers the opportunity to monitor the draw every Friday at 10.30 a.m.

Bond holders can also avail of a bond tracker facility and check their numbers for prizes.

All prize bond winners are notified confidentially by post. Announcing the changes, the Prize Bond Company chairman, Mr Michael O'Keeffe, said they would enhance the appeal of prize bonds as an investment product. The total prize bond fund stands at £230 million and last year saw the biggest increase ever in sales of bonds.

The company sold £60 million in 1999, with people cashing out at about half that rate.

The bonds can be cashed in at any time after an initial period of three months.

According to Mr O'Keeffe, more people are happy to forgo interest on their money in a low interest environment to be in with a chance of winning.

Founded in 1957, Prize Bonds is Ireland's longest running prize draw.

The Prize Bond Company is a joint venture involving An Post and Fexco.