Jim Higgins (Fine Gael)

I subscribe to Senator O'Toole's proposal which is an excellent idea. The SSIA was seen as a vehicle for delivering the kind of savings required by people wishing to purchase a house.

I made the point yesterday in regard to the SSIA scheme that 52,000 subscribers to Ark Life, a subsidiary of AIB, and 55,000 in Permanent-TSB are actually losing money as of now. The Government bonus of one euro for every four euro saved has disappeared. The amount invested is now being eroded. People are tied into a scheme whereby they must contribute a minimum amount up to €250 with no indication of light at the end of the tunnel because of the collapse in the equity market.