Eighteen is the magic number for Ark Life. It has just issued its fourth AIB Index Bond, which tracks the Euro Stoxx 50 Index, in 18 months. The new issue singlepremium bond has an 18-month term and investors receive a return equal to the full rise in the value of the index to a maximum return of 18 per cent. The investment is fully protected against any potential falls in the value of the index up to a figure of 18 per cent but exposed to any falls in excess of that figure.

The Euro Stoxx 50 Index monitors the share performance of 50 large companies in the euro zone and includes companies like Fiat, Siemens, Philips and France Telecom.

Return on the bond is subject to a deduction for tax, currently at a rate of 24 per cent. The bond, which closes on October 29th, has a minimum investment of £2,000 (€2,539) and maximum of £250,000.