Dolores McNamara could earn up to €7,000 a day or €3 million a year in interest without touching her winnings, writes John Downes.
Dolores McNamara could expect to earn in the region on €7,000 a day or more in interest if she chose to leave her €115 million lottery winnings on deposit in her local bank, according to financial experts.
But if she chose to spend it, she could also buy a whole housing estate in Newcastlewest, Co Limerick, not far from her family home, and still have plenty of change for a luxury holiday for her and her entire family on the Queen Mary 2.
Afterwards, she could purchase top-of-the range cars, starting at about €550,000 each, for her family and friends.
According to John Kelly, head of business banking at AIB, Ms McNamara could expect a "minimum" interest rate of between 2 per cent and 2.5 per cent on her winnings - or about €2.8 million a year. However, he said he would be confident she might achieve more than this figure.
"A personal deposit like that is unprecedented, really. All of the banks would be anxious to look after her financial affairs . . . it could be closer to 3 per cent, who knows, maybe more," he said.
"At a regional bank that would be a huge deposit. And it is fresh new money in the system, because it is coming from outside the State, so it would be highly sought-after."
A Bank of Ireland spokeswoman said it estimated Ms McNamara would get about €6,000 a day in interest, at 2 per cent, if she were to leave her winnings on deposit. But she said she would be unlikely to simply do this. "I couldn't see her leaving it on deposit in the long-term," she said. "It's important she gets good solid advice and is encouraged to diversify her funds. For example, by putting some into equities and some into property."
However, one life coach warned that individuals who suddenly came into a significant amount of money could find it difficult to adjust. As a result, it is important to "press the pause button" to ensure the money does not end up having a negative impact.
Maureen Hewitt, an executive life coach with the Positive Success Group, said achieving a sense of balance was crucial.
"The fact that she is known now means she needs to make sure she has good deflection skills . . . to figure out what's real and what's not," she said.
"It's a new label now, you're a different person. So you wake up and might ask who am I now?
"Money can have a negative impact on anyone, so boundaries are important. Knowing who your friends are, who you can listen to and take advice from.Trust is really what it comes down to."
According to Indian spiritual leader Balendu Goswami, or Swami Ji, Ms McNamara should consider using it to help others.
Speaking at a spiritual healing workshop in Tallaght, Dublin, this weekend, he said the money could perhaps be used to set up a youth centre.
"She can do some good work with teenagers or the youth population . . . I think this is a wonderful thing if she can open something like a youth centre."